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Telangana: Hopes to generate Rs 15,000 crore thru open auction
Telangana Chief Minister KCR
To overcome the financial crisis, the state government has decided to woo top reality companies in the country by putting about 5,000 acres of land for sale in open auction
Hyderabad: To overcome the financial crisis, the state government has decided to woo top reality companies in the country by putting about 5,000 acres of land for sale in open auction. The government hopes to mop up Rs 15,000 crore from this mega sale between July and September this year.
The government had already identified 4000 acres of land in Greater Hyderabad limits mainly Rangareddy, Medchal, Sangareddy and Vikarabad districts. Another 1,000 acres would be identified in major Municipal Corporations and commercially-rich districts. In addition, the housing board properties, including Rajiv Swagruha buildings in Hyderabad costing more than Rs 1,000 crore, will also be put on sale from June end this year. "A big chunk of litigation free and costly lands valued at nearly Rs 10,000 crore were available at Puppalaguda, Kokapet, Pratapsingaram, Mokilla and other commercially rich locations in Greater Hyderabad limits. Another big piece of land valued at Rs 1,000 crore was identified in Sangareddy district abutting GHMC limits. All these lands are on high demand and the government is ready to sell them in open auction by inviting the India's top realty agencies soon," a top official of the state Revenue department said.
The exercise of preparation of authentic property documents for the identified costly lands was already completed, the officials said, adding that the financial situation of the state was precarious and hence the Chief Minister had given his nod to sell these lands.
It may be mentioned here that the Cabinet sub committee on Swagruha and housing board properties had recommended that properties like Rajiv Swagruha be put on sale through open auction. These properties are said to be worth around Rs 1,500 crore.
The value of lands has also increased many folds in Warangal, Khammam, Karimnagar and Nizamabad Municipal Corporations and also in Urban centric Medak, Mahbubnagar and Nalgonda districts, officials said and added that the land bank will be created in these districts aiming to generate good revenues in the financial year.
Banking on Land
The government had already identified 4000 acres of land in Greater Hyderabad limits mainly Rangareddy, Medchal, Sangareddy and Vikarabad districts. Another 1,000 acres would be identified in major Municipal Corporations and commercially-rich districts
