Hyderabad: The state government has put 54 land parcels in the city up for sale to raise money. The government has prescribed an upset price of Rs 1 lakh per sq. yard in expensive areas like Banjara Hills, Jubilee Hills, Nandagiri Hills. The e-auction will be held on May 19.
Though the first phase of land sale last year was a flop, the government expects a good response now due to the growth in realty transactions. These land parcels fall under residential, commercial, multi-use and commercial-cum-office zones.
TSIIC vice chairman and managing director Mr E.V. Narasimha Reddy said of the May 19 auction: “These 54 land parcels in different locations amount to nearly 170 acre. They cover prime areas like Hitec City, Jubilee Hills, Banjara Hills etc. We hope to earn nearly Rs 3,000 crore through this second phase of auction. The unsold 15 parcels from the first phase are also included in this phase. We have received a lot of enquiries from potential buyers for the second phase of auction in the last three months.”
Mr Reddy said land parcels ranging from 240 sq. yard to 30 acre have been put up for sale this time. “We have big land parcels in Hitec City, Khanamet near Metro Rail station and Financial District, for which there is huge demand from corporates, real estate developers and IT companies.” The upset price of Rs 1 lakh per sq. yard has been fixed for Bharani Layout, Jubilee Hills, Banjara Hills Road No.12, Nandagiri Hills and Banjara Hills Road No. 10.
An upset price of Rs 90,000 per sq. yard has been fixed for HUDA Heights in Jubilee Hills and Rs 80,000 at Road No.12, Banjara Hills. The auction of Raidurg land in the first phase in November 2015 fetched Rs 29.28 crore per acre to government, the highest ever in city so far. The government expects to break this record in the second phase with big parcels on offer near Hitec City and the Financial District.
