Hyderabad: The famous Balapur Laddu auction has crossed the seven figure mark first time in the history, it has been bagged by Kallem Madanmohan Reddy for Rs. 10.32 lakh.
The auction for Balapur Laddu has been practising since 1994, and the popularity for laddu has been increasing every year. For the first time Kolan Mohan Reddy won the auction for Rs. 450 and every year the auction rate has been increasing.
People are believing that, Balapur laddu bring the good luck to buyers and it has been center if attraction for the past two decades during Ganesh Festivals. Last year it was fetched Rs.9.50 lakh and was bagged by Singireddy Jaihind Reddy.
For the first time in its history, it has crossed the seven figure mark this year, it was fetched Rs.10.32 lakh which is more than Rs 82,000 and bagged by Kallem Madan Mohan Reddy. Over 20 bidders tool part in auctioning this year, only the two competitors in the fray when it crossed the Rs. 10 lakh. The auspicious laddu is weighing 21 kg.
The auctioning amount has to be paid by successful bidder to the Balapur Ganesh Utsav Samiti before the Ganesj Immersion. This amount will be used for various development activities in Balapur Village.
MLA and former Hyderabad Mayor Teegala Krishna Reddy placed the highest bid in 2013 for Rs. 9.26 lakh, in 2012 year P Govardhan Reddy bagged for Rs 7.5 lakh and in 2011 year Kolan Brothers managed the laddu for Rs 5.45 lakh.