Hi-tech jackpot: 15 acres to be auctioned in Cyberabad

Hi-tech jackpot 15 acres to be auctioned in Cyberabad

HYDERABAD: In just a little over a week from now, Hyderabad will find out where it stands with respect to its real estate growth. For, the Telangana State Industrial Infrastructure Corporation (TSIIC) has decided to take up auction of big land parcels, especially in the upmarket areas of the city , after a one-year gap hoping to rake in huge revenues.

Six big land parcels totalling 15 acres have been identified in Raidurg, Hi-Tec Cityand Khanamet areas for the e-auction to be held on May 18.

TSIIC hopes to net about Rs 1,000 crore from the auction of these land parcels, which range from one and half acres to three acres. MSTC, a government of India enterprise, has been given the task of conducting the e-auction. Interestingly, TSIIC has pegged the highest reser ve price of Rs 80,000 per sq yd for the plot at Khanamet near Hi-Tec City railway station Rs 60,500 per square yard for the land at Hyderabad Knowledge City in Raidurg.

“The reserve prices have been decided based on the prevailing market rates in the respective areas and also reports from district collectors,” TSIIC special deputy collector (land) G Shiva Kumar told TOI.

In previous land auc tions, the highest the government got was Rs 60,500 per sq yd as against the upset price of Rs 40,000 per sq yd for land in Raidurg and Rs 59,000 per sq yd (upset price Rs 34,000 per sq yd) in Khanamet, which is located between Kukatpally and Hi-Tec City and where several new ventures and housing projects have come up, Shiva Kumar said.

TSIIC authorities said this is the fourth auction be ing taken up by since November 2015. While about 65 land parcels in Greater Hyderabad went under the hammer in three phases, only 20 were sold, fetching the government nearly Rs 800 crore. In Phase I and II auctions held in November 2015 and February 2016, TSIIC got Rs 339 crore and Rs 190 crore, respectively. In Phase III, of the auctions held in May 2016 (but the last dates were extended till August due to a lukewarm response and single bids), the TSIIC could generate only about Rs 300 crore from seven major land parcels.

In the last auction, land parcels in the IT belt such as Gachibowli, Manikonda, Khanamet and Madinaguda were put up for auction along with areas like Narsingi, Nizampet, Budvel, Khajaguda, Puppalguda and Manchirevula.

“Many people prefer buying government land as the title will be clear and it is free from litigation. But higher reserve prices may prevent people from bidding. In previous bids, too many plots had no takers due to the high reserve price, which was even more than the market price in some cases,” said a senior official of the revenue department.

Source : http://timesofindia.indiatimes.com/city/hyderabad/hi-tech-jackpot-15-acres-to-be-auctioned-in-cyberabad/articleshow/58638209.cms

 

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Post Author: Times of India

2 thoughts on “Hi-tech jackpot: 15 acres to be auctioned in Cyberabad

  • Cafe Estate

    (May 25, 2017 - 5:30 pm)

    Bengaluru is saturated. People are now moving towards Hyderabad. and other tier II cities. IT employees/ companies with deep pockets will definitely raise property prices. Many IT companies are also coming back from USA because of Trump’s policy. They are creating their own startup’s. Every one will need space.
    Thanks
    Cafe Estate
    http://www.cafeestate.com

  • Vikas

    (June 6, 2017 - 12:27 pm)

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