Record breaking land sales in Telangana

April 25, 2016 10:12
Record breaking land sales in Telangana

The Telangana government has put 54 lands for sale in Hyderabad to raise money. In the costly areas like Jubilee hills, Banjara hills, Nandagiri hills etc, the state government has prescribed an upset price of Rs. 1 lakh per sq.yard. The e-auction on these sales, will be held on May 19th.
In the last year, the government held the first phase of land sale, which was a huge flop. But due to the growth in the realty transactions, the government, this time expects a huge response. Residential, commercial, multi-use and commercial-cum-office zones, would be holding the land parcels.

Speaking about the e-auction on May 19th, TSIIC vice chairman and managing director E.V. Narasimha Reddy said, “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.”

Reddy further said that, this time, land parcels ranging from 240 sq. yard to 30 acre have been put up for sale.

“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,” he said.

The upset price of Rs 1 lakh per sq. yard has been fixed for Jubilee Hills, Bharani Layout, Banjara Hills Road No.10 and 12 and Nandagiri Hills.

For HUDA heights in Jubilee Hills, the upset price per sq.yard is Rs 90,000 and Rs 80,000 at Road No.12, Banjara Hills.

Last year, November 2015, the auction of Raidurg land in the first phase fetched Rs 29.28 crore per acre to the Telangana government, which is the highest price till date in the city. The Telangana government is now aiming to break this record in the second phase with the big parcels on offer near Hitech City and the Financial District.

By Phani Ch

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Land  Hyderabad news  Telangana news