Hyderabad, Sep 17 (IANS): Hyderabad's famous Balapur Ganesh laddu was Tuesday auctioned for a record Rs 30,01,000.

K. Shankar Reddy, a BJP leader, bought the 21-kg laddu this year in an open auction held before the traditional Ganesh immersion procession from Balapur on the southern fringes of Hyderabad.

Last year, Balapur 'laddu' was sold for Rs 27 lakh.

Amid loud cheers by hundreds of devotees, the participants in the open auction bid for the laddu, which they believe brings good luck.

The annual auction of the 'laddu' in Balapur village marks the beginning of the Ganesh immersion procession, which passes through various parts of the city to reach Hussain Sagar Lake.

According to auction organiser Balapur Ganesh Utsav Samithi, the 'laddu' was sold for Rs 450 in 1994.

Kolanu Mohan Reddy bought the 'laddu' in the first auction in 1994 and was the successful bidder for five consecutive years. As he claimed prosperity by winning the bid, the 'laddu' became more popular.

Since then, this sweet has grown in popularity and price. As it is believed to bring prosperity to the winner, businessmen-politicians vie with each other to bid every year.

The winners not only distribute pieces of laddu among their family and friends but also sprinkle the remnants in their agriculture fields, business houses and at home.

Meanwhile, the Ganesh laddu at Keerthi Richmond Villas, in Bandlaguda Jagir of Rangareddy district was auctioned for a staggering Rs 1.87 crore. Last year, the laddu had fetched Rs 1.26 crore.

According to the organisers, four groups of 25 residents each participated in the auction. One of the groups successfully secured the laddu and announced that the funds would be donated under RV Diya Charitable Trust, to support the underprivileged, including poor students in hostels and other needy sections of society.