Tuesday, Aug 16, 2022

Telangana eyes Rs 2,500 crores from land auctions

By Nabinder Bommala

Published: Updated On - 12:32 AM, Tue - 15 June 21

Telangana eyes Rs 2,500 crores from land auctions — HMDA, TSIIC to e-auction 13 land parcels spread over 64.93 acres in Kokapet, Khanamet

Hyderabad: Setting the ball rolling for what is in essence one of its most ambitious and biggest land auctions so far, the Hyderabad Metropolitan Development Authority (HMDA) will release the notification for e-auction of land parcels in Kokapet and Khanamet on Tuesday.

Revenue of around Rs 2,500 crore is expected to generate from the high-profile auction. The plots will be auctioned by the HMDA and the Telangana State Industrial Infrastructure Corporation (TSIIC) on behalf of the State government, with the minimum bid price being fixed at Rs 25 crore per acre. A total of 13 land parcels spread over 64.93 acres will be auctioned. Among them, eight plots measuring 49.92 acres are located in Kokapet and five land parcels summing up to 15.01 acres are in Khanamet.

All the plots that will be auctioned are located near the IT corridor as well as the Outer Ring Road. Officials said a transparent method to auction the lands was already in place. “The e-auction of lands will be done in a transparent manner. We are expecting a positive response as the land titles are 100 per cent clear and the stakeholder auctioning the lands is the State government,” an HMDA official said.

All the lands shortlisted by the District Collectorates are those that have been unused for a long time. According to real estate consultants, the State government’s move would boost the housing sector. “This move can have a major beneficial impact on the city’s housing sector. While Hyderabad recorded an over 270 per cent rise in new supply from 3,380 units in Q1 2020 to approximately 12,620 units in Q1 2021, it also saw the maximum rise in sales in this quarter among the top cities. City sales increased by 64 per cent from 2,680 units in Q1 2020 to approximately 4,400 units in Q1 2021,” said Anuj Puri, chairman, Anarock Property Consultants.

“Considering the locations, the right budget bandwidth for the new supply to come upon these land parcels would be within the budget housing category,” he added.