TGIIC valuing its land parcels, assets for asset monetisation

Telangana government is preparing to auction prime land through TSIIC to raise funds, reversing its earlier stance against land sales. Two plots at Hyderabad Knowledge City, valued at ₹101 crore per acre, are set for auction on October 6

Hyderabad: Strange are the ways of the Congress. While being in opposition the party had vehemently opposed auctioning government lands and now after coming to power, the Congress government is exploring different avenues to raise cash and meet the increasing fund requirements by auctioning lands.

After suffering a setback in the 400-acre Kancha Gachibowli land early this year, the Telangana Industrial Infrastructure Corporation Limited (TGIIC) is now valuing its land parcels and assets for asset monetisation.

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To this effect, the Corporation has invited reputed agencies for comprehensive assessment of its land and building assets, including ownership verification, legal due diligence, market analysis and valuation.

After inspecting the land parcels and projection of future values based on infrastructure and economic trends, the agencies will have to prepare a detailed assessment report.

TGIIC operates nine zonal offices across the State, including the headquarters in Hyderabad. After developing 156 industrial parks, at present there are 5,730 acres available for allotment to industries.

Further, TGIIC has also identified 1,45,682 acres of unutilised government lands for industrial purposes, which the State government has notified as the industrial land bank.

The objective behind inviting consultants for valuing land parcels or assets was to arrive at a basis for fixing upset price for auctioning in future. Instead of relying on the officials to fix the price, efforts were on to rope in professionals, who fix the price as on date, considering different factors, an official from TGIIC said.

“Generally, the exercise of valuing lands and assets precedes the efforts to auction lands,” the official said.

TGIIC is the custodian of government lands and proceeds generated from auctioning the lands would be returned to the government. The TGIIC plans to sign the Letter of Agreement for valuing its land parcels with the selected agency on September 24.

Plots at Hyderabad Knowledge City set for auction

The TGIIC is gearing up to auction two plots admeasuring 18.67 acres at Hyderabad Knowledge City, Raidurg in Serilingampally mandal limits. The auction is scheduled from 3 pm to 6 pm on October 6.

Plot no 19 under Raidurg Panmaktha, Serilingampally measures 11 acres and TGIIC has fixed the upset price of Rs 101 crore per acre in the plot.

Similarly, for plot no 15 A /2, which measures 7.67 acres, the upset price has been fixed at Rs 101 crore per acre. The minimum bid increment is Rs 50 lakh per acre or multiples thereof.