HYDERABAD: With Chief MinisterA Revanth Reddy ordering the auction of Rajiv Swagruha properties, officials have begun preparing plans.
Sources said the government has decided to conduct transparent open auctions based on rates proposed by committees formed by the HMDA, GHMC and district authorities to review the rates and facilitate the auction process.
The sources said the government has identified various properties, including flats, incomplete houses, unfinished towers, plots and land parcels, with a combined value of Rs 3,549.26 crore. Of these, properties worth Rs 1998.26 crore are free from legal disputes and are available for auction immediately. However, Rs 715 crore worth of properties are currently involved in court cases. Additionally, land valued at Rs 836 crore has been acquired by the HMDA or municipalities.
During the last six auction phases in previous years, many flats and plots remained unsold. As of now, 159 flats in Bandlaguda, 601 flats in Pocharam townships, around 1300 open plots and 350 houses remain unsold. Furthermore, thousands of flats are still in an unfinished state.
During a meeting with officials, the chief minister addressed the issue of unsold flats. He instructed them to be flexible with pricing during the auction process. Revanth expressed concern that if the flats remained vacant for an extended period, their value would depreciate. Therefore, he told the officials that the flats need to be sold even if interested bidders offered prices lower than the upset fixed price.
Additionally, the officials suggested utilising the proceeds from the sale of Rajiv Swagruha properties to fund the Indiramma Housing scheme. This proposal was presented to the government for consideration.