Saturday, June 22, 2024

HMDA to auction lands again to net Rs 15,000 crore

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The state government has decided to mobilise Rs 15,000 crore by auctioning government lands admeasuring 1,21,060 square yards in the districts that are on the outskirts of the city – Rangareddy, Sangareddy and Medchal.

The government is going to auction 54,692 square yards, the highest amount of land parcel, in RR district. The land parcels are located in hot destinations like Kokapet, Gandipet, Puppalaguda and Nallagandla.

This time, the government is going to bring 2,662 square yards of land in Korremula of Ghatkesar area. Besides, the lands to be auctioned are also located in Qutubullahpur, Suraram and Bowrampet.

It is pertinent to be noted that the lands to be auctioned off this time are WALANTARI, VDO and tourism lands. Earlier, the state government decided to reserve these lands for development of IT Hub, but it decided to bring the precious lands under the auctioner’s hammer.

Maximum plinth area of 9,680 square yards of land will be auctioned in Puppalaguda, while Bowrampet figured at the other end of the spectrum with a plinth area of 302 square yards of site.

The HMDA has made it clear that the last date for registeration to take part in the auction is January 16, while the auctual bidding takes place on January 18.

The market price is higher than the government value of lands. Therefore, the response to the auction is predicted to be overwhelming. Experts indicate that it is easy to mobilise Rs 15,000 crore. Moreover, the sites to be auctioned are located in Kokapeta, Manchirevula, Gandipet and Nallagandla areas inhabited by IT units and wealthy persons. Therefore, local developers and other states are also likely to take part in the bidding. The government fixed Rs 60,000 per square yard as the price in Puppalaguda and Manchirevula area. Real estate experts predict that the price in the areas was tipped to be over Rs 1 lakh.

In the last auction, a square yard was sold out for Rs 1.50 lakh in Kokapet and Khanamet areas. Therefore, the government fixed Rs 1.50 lakh as the minimum price. However, the per squard price in Nallagandla was higher since the location is suitable for business.

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