Immovable Property Returns (IPR) submitted by IAS officers in Madhya Pradesh pointed to a staggering investment in the Guradi Ghat village, reported Dainik Bhaskar. Notably, nearly 50 officers from various parts of the country acquired agricultural land on the same day in this vicinity of the Kolar region.
This also included multiple IAS and IPS officers stationed in Delhi, along with those from the Maharashtra, Telangana and Haryana cadres. Furthermore, a Western Bypass project valued at ₹3,200 crore was approved for this specific area merely 16 months following these land acquisitions. The land’s usage was reclassified from agricultural to residential just 10 months thereafter.
As a result, the land’s value surged rising by as much as 11 times. However, no society has been developed for the aforementioned purpose in this location to date. Plots have to be assigned, or the land must be transferred to the society’s name before the commencement of a residential project.
On 4th April 2022, a single document was executed to register 2.023 hectares of agricultural land. 50 individuals collectively bought the land through this transaction. The property was registered at a value of ₹5.5 crore, while its market value was reported as ₹7.78 crore.
This was characterised as an asset obtained by “like-minded officers” (with similar objectives or mindsets) in the IPR filings. The documents indicated that there are 41 separate buyers behind these 50 shares. The cabinet granted approval for the bypass after 16 months on 31st August 2023. It is located 500 metres away from this particular property as per the existing alignment.
The land was deemed agricultural at the time of the purchase. However, it was altered to residential only 10 months following the approval of the bypass in June 2024.
In the year 2022, 5 acres, approximately 217,800 square feet, of agricultural land were acquired at a prevailing rate of around ₹81.75 per square foot. The rate escalated to about ₹557 per square foot after the diversion of land use in June 2024, resulting in an increased value of the 5-acre parcel to almost ₹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 ₹55 crore to ₹65 crore.
