Immovable Property Returns (IPRs) filed by IAS officers in Madhya Pradesh pointed to a staggering investment in Guradi Ghat village, reported Dainik Bhaskar. Notably, around 50 agents from different parts of the country acquired agricultural land in these vicinity of Kolar region on the same day.
This also included several IAS and IPS officers stationed in Delhi, along with those from the Maharashtra, Telangana and Haryana cadres. Furthermore, a Western Bypass project worth ₹3,200 crore was approved for this specific area just 16 months after these land acquisitions. The land use was reclassified from agricultural to residential just 10 months later.
As a result, the value of land increased up to 11 times. However, to date no society has been developed for the aforementioned purpose in this locality. It is necessary to allocate the plots or transfer the land in the name of the company before starting a residential project.
On April 4, 2022, a single document was granted to register 2,023 hectares of agricultural land. 50 people collectively purchased the land through this transaction. The property was recorded at a value of ₹5.5 crore, while its market value was reported as ₹7.78 crore.
This was characterized as an asset obtained by “like-minded officials” (with similar goals or mindsets) in IPR filings. The documents indicate that behind these 50 shares there are 41 different buyers. The cabinet approved the bypass after 16 months, on August 31, 2023. It is located 500 meters from this particular property according to the existing layout.
The land was considered agricultural at the time of purchase. However, it was transformed into residential only 10 months after the bypass was approved in June 2024.
In the year 2022, 5 acres, approximately 217,800 sq ft, of agricultural land was acquired at a prevailing price of around ₹81.75 per sq ft. The rate increased to approximately ₹557 per sq ft after the land use diversion in June 2024, resulting in the value of the 5-acre plot increasing to nearly ₹121,314,600.
The current market rate is between ₹2,500 and ₹3,000 per square foot. Therefore, the market value of the land is estimated to be in the range of Rs 55 million to Rs 65 million.
