VISAKHAPATNAM: The auction of lands belonging to RINL, a corporate entity of Visakhapatnam Steel plant, held on March 14 and 15 have reportedly fetched Rs 242.9 crore against a reserve price Rs 209 crore.
As part of its decision to sell 13.75 acres to monetise non-core assets, RINL has divided the lands into plots and blocks to raise funds to meet working capital needs of the plant. Around 111 plots and 19 blocks in an extent of 67,307 square yards located in HB Colony at Seethammadhara, Auto Nagar and Pedagantyada are put on sale. Of them 72 plots and blocks of 29,268 sq yards have reportedly earned Rs 242.9 crore in the e-auction.
While six blocks of total 12,931 sq yards in HB Colony quoted a maximum price of Rs 1,41,800 per sq yard against a reserve price of Rs 78,000 to Rs 85,800. Similarly, for 63 plots of 11,862 sq yards, the maximum price of Rs 1,56,850 per sq yard was reportedly quoted in the e-auction against the reserve price of Rs 70,720 to Rs 85,800 per sq yard.
In Autonagar, two blocks with a total area of 4,090 sq yards fetched Rs 35,000 per sq yard against the reserve price of Rs 30,000 to Rs 32,000 per sq yard. Similarly one block of 435 sq yards in Pedagantyada yielded Rs 25,500 per sq yard against a reserve price of Rs 20,500 per sq yard. As many as 17 single bids were received for five blocks and 11 plots in HB Colony, and one block in Autonagar.
The size of plots at HB Colony varies from 129 to 450 sq yards and there are a total of 111 plots, whereas the size of blocks varies from 635 to 5,350 sq yards and total no of blocks available are 14.
Meanwhile at Autonagar, there are a total of four blocks with the size varying from 1,676 to 2,895 sq yards. In Pedagantyada, a single block of 435 sq yards is available.
As per the reserve price fixed for the property value, it is expected that the RINL would earn a minimum revenue of Rs 481 crore.