Real estate in Hyderabad’s IT Corridor to get another booster shot
State aims to garner Rs 4,000 crore from new land auctions
Hyderabad: The real estate boom in Hyderabad’s IT corridor is all set to get another booster shot even as more and more developers are keen to set up offices, residences and commercial complexes in the adjoining areas.
While the previous e-auction of Kokapet and Khanamet land parcels garnered Rs 2,700 crore for the State government, the next round of e-auctions is going to hit a jackpot. The State is all set to almost double the revenue amount from the previous round, with the new round e-auctions in the western part of the city.
In a notification issued on Tuesday, the Telangana government is looking at e-auctioning a total of 35 plots spread across 117.35 acres in Khanamet and Puppalaguda on the city outskirts with an upset price of Rs 35- Rs 40 crore per acre. This is expected to fetch the government a minimum of Rs 4,000 crore depending on the outcome.
“In the previous e-auction of Kokapet and Khanamet, the government was able to garner Rs 2,700 crore and we are expecting that in this round we should be able garner an upwards of Rs 4,000 crore,” Jayesh Ranjan, Principal Secretary, Industries Department told Telangana Today.
He also added that depending on the market sentiment, the State will be planning on more e-auctions of government lands in the near future.
The plots will be auctioned by the Hyderabad Metropolitan Development Authority (HMDA), the Telangana State Industrial Infrastructure Corporation (TSIIC) and MSTC Ltd – which is a government-owned e-commerce enterprise — on behalf of the State government.
While 22.79 acres of land parcels will be e-auctioned at Khanamet on September 27, the Puppalaguda land parcels will be spread across 94.56 acres and e-auction will happen on September 28. The last date for registration and last date of payment of EMD or pre-bid amount for the both the sites are set for September 25. Prospective buyers can visit the site from September 1 to September 24.
Located closer to the Outer Ring Road (ORR) in the heart of West Hyderabad, the land parcels are surrounded by commercial hubs, recreational zones and transportation facilities. The notification also mentioned that both the sites are in the heart of the central business district (CBD) and can be auctioned for multiple uses ranging from office space to residential to institutions to commercial and mixed purposes.
In the previous e-auction held in July, a total of 13 land parcels spread over 64.93 acres were e-auctioned and the government had garnered Rs 2,700 crore.
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