The second highest bid was from Bahubali Space Infra LLP, which bid Rs 70.5 crore, and stayed in the game till the 32nd round of the auction.

The mill had closed and gone into liquidation in 1989, but the land behind Madhupura market in the northern part of the Walled City could not be sold for various reasons including dispute over land the closed mill had to forfeit under the Urban Land Ceiling Act.

Justice RM Chhaya, before whom the auction took place, has finalized the purchase bid and asked Siddhi Corporation to pay the amount within three months.

The HC’s confirmation of the deal has raised hopes for 2,804 former workmen, who are awaiting their dues worth Rs 17.4 crore. “As the sale is finalized, the workmen are likely to get their remuneration after 27 ye ars,“ said advocate Dhimant Vasavada, who represents Textile Labour Association.

The HC has also decided to retain the Earnest Money Deposit (EMD) of Bahubali, in case the top bidder backs out. There were six other bidders, whose EMD amounts were returned.

Last year, the base price of this land was fixed at Rs 52 crore, but none turned up during auction. The plot was re-evaluated and the base price was kept at Rs 44 lakh this year. The official liquidator and sale committee received eight tenders.

Before this, in an exceptional land deal, Omex Mill at Raipur had fetched a whopping Rs 148 crore for just 13,895 square metre.

But the picture is not so rosy so far as market for mill lands is concerned. A huge plot measuring 2.39 lakh square metre of Calico Mill is desperately waiting for purchasers since the HC fixed its base price at Rs 386 crore a few years ago.