HYDERABAD: With no builder or developer expressing interest in purchasing Rajiv Swagruha flats, the State government has decided to sell these flats on a first-come-first-served basis, though preference will be given to government and PSU employees.
Accordingly, instructions have been issued to officials to formulate an action plan so as to expedite the sale of all the ready-to-occupy flats. To further facilitate sales, bank tie-ups will also be arranged for prospective buyers.
While rates for the flats will be fixed within the next few days, it’s learnt that the price band would be in the range of Rs 3,000 to Rs 3,500 per sq ft. The Telangana Rajiv Swagruha Corporation Limited (TRSCL) has constructed high-rise residential apartments (towers) at Bandlaguda, Gajularamam, Jawaharnagar, Chandanagar, Pocharam, Khammam, Kamareddy, Mahabubnagar and other places. However, these flats have remained showpieces for over a decade now, with the government unable to sell them due to various reasons.
Since the government of undivided AP began construction of these towers by taking loans, a sizable amount goes in servicing the loans. This apart, the cash-strapped Telangana government is exploring various options to augment its revenues. Selling off nonperforming assets like the Rajiv Swagruha high-rise complexes makes perfect sense for the State government.
On March 24, the Hyderabad Metropolitan Development Authority (HMDA) conducted e-auctioning of Rajiv Swagruha flats at Bandlaguda, Nagole in 15 clusters with 32 Towers and 2,246 flats and similarly the Rajiv Swagruha Apartment Towers at Khammam (eight towers). The State government was hoping to raise a few hundred crore through the e-auction but there was no response from builders.
In sharp contrast, the State government generated around Rs 567 crore by auctioning off open plots in different districts.
The Rajiv Swagruha flats at Bandlaguda, Nagole with 15 clusters of different categories of flats, including 3BHK deluxe (345), 3BHK (444), 2BHK (712) and 1BHK (745) and Rajiv Swagruha Apartment Towers at Khammam (eight towers). The project was taken up in 2010 and only 500 of the 2,746 flats have been sold so far.
On Saturday, Chief Secretary Somesh Kumar, accompanied by MAUD Special Chief Secretary Arvind Kumar and Telangana Housing Board Vice-Chairman Sunil Sharma and senior officials visited Rajiv Swagruha flats at Bandlaguda and Pocharam. Somesh Kumar said that all the flats will be put up for sale very soon on a first-come-first-served basis.
Error 32: no takers found
On March 24, the Hyderabad Metropolitan Development Authority (HMDA) conducted e-auctioning of Rajiv Swagruha flats at Bandlaguda, Nagole in 15 clusters with 32 Towers and 2,246 flats and similarly the Rajiv Swagruha Apartment Towers at Khammam (eight towers). The State government was hoping to raise a few hundred crore through the e-auction but there was no response from builders