Another Government Land Auction In Hyderabad Yields Rs 729 Cr

Another government land auction in Hyderabad yields Rs 729 cr

Hyderabad, July 16 : A day after earning Rs 2,000 crore with the sale of about 50 acres of land at Kokapet here, the Telangana government on Friday generated revenue another Rs 729.41 crore from auction of 14.91 acres at Khanamet near HITEC City.

 Another Government Land Auction In Hyderabad Yields Rs 729

The Telangana State Industrial Infrastructure Corporation (TSIIC), on behalf of the state government, auctioned five plots at Khanamet village near Hitex/HICC, abutting HITEC City.

The auction was conducted online on platform of Central undertaking MSTC, through online bidding method.

The minimum bid amount was kept at Rs 25 crore per acre with minimum bid increment of Rs 20 lakh or its multiples per acre.

According to Principal Secretary, Industries and Commerce, Jayesh Ranjan, the final bid of Rs 55 crore per acre for a plot measuring 2.92 acres was the highest bid.

The bids ranged from Rs 43.60 crore per acre to Rs 55 crore per acre with weighted average bid amount of Rs 48.92 crores per acre.

“The tremendous response reflects the steady growth and development of Hyderabad and reassures, strengthens the stability and the positive growth established over last seven years in Hyderabad,” Ranjan said.

Among the bidders, Linkwell Telesystems Pvt Ltd was successful bidder for two plots together measuring 5.15 acre.It paid Rs 245.49 crore for both the land parcels.

Manjeera Constructions Ltd paid Rs 160.60 crore for 2.92 acre plot (Rs 55 crore per acre).

GVPL Engineers Ltd purchased 3.69 acres plot for Rs 185.98 crore (Rs 50.40 crore per acre).Uptown Life Projects Pvt Ltd bought 3.15 acre plot for Rs 137.34 crore (Rs 43.60 crore per acre)

On Thursday, the government earned revenue of Rs 2,000 crore with the auction of 49.949 acres of land in Kokapet.

Hyderabad Metropolitan Development Authority (HMDA) had fixed the upset price at Rs 25 crore per acre but the e-auction fetched maximum price of Rs 60.2 crore per acre for 1.65 acre plot.

These e-auctions were undertaken under the first phase of the government’s plan to sell its surplus land to mobilise Rs 20,000 crore during 2021-22 as non-tax revenue