HYDERABAD: The Telangana government is once again expecting a windfall from the proposed online auction of its lands in the city on May 19.
The Telangana State Industrial Infrastructure Corporation (TSIIC) has displayed the list of land parcels to be sold on its website and published tenders calling for bids from parties interested in buying land in e-auction.
While an acre of land was sold at an all-time record price of Rs 29.28 crore in the online land auctions held in last November, the price is expected to be more this time, with the upset price being fixed at Rs 1 lakh per square yard in case of some land parcels put up for auction.
In all, 54 land parcels will be auctioned and all of them are located in the sought- after places like Banjara Hills, Jubilee Hills, Gachibowli, Financial District and Kokapet, thus raising the expectations sky-high.
Among the 54 properties to be auctioned, 40 are in multi-use, 11 in residential and three in commercial categories.
While the upset price in the case of 15 properties is yet to be fixed, that for some land parcels on Road No.78 in Jubilee Hills, Road No.10 in Banjara Hills and Nandagiri Hills has been fixed at a whopping Rs 1 lakh per square yard.
“In the last auction, one acre was sold for a record price of Rs 29.28 crore. This time, the highest upset price fixed in case of any land parcel is Rs 1 lakh. An acre consists of 4,840 square yards and the upset price for an acre in auction this time is Rs 48 crore, which is far higher than the earlier prices. Therefore, the revenue to be generated from land auctions this time is expected to be very huge,” said a senior official of TSIIC.
About 30 acres of land was sold in the last auction and the government got a revenue of Rs 650 crore.
In the auction to be held next month, about 160 acres will be put up for sale in online auction and the state government expects to earn an amount of more than Rs 2,500 crore. With all the lands falling in the real estate hotspots and the realty sector witnessing a positive sentiment of late, the government is expecting a huge windfall from the land auction.
Great Expectations