SOURCE :- SIASAT NEWS
Hyderabad: A prime Raidurg plot that the previous Bharat Rashtra Samithi (BRS) government gave away free of cost is set to go under the hammer, as the Telangana State Industrial Infrastructure Corporation (TGIIC) lines up another round of land sales in Knowledge City.
According to The Times of India, the government plans to put two parcels totalling six to seven acres up for auction next week and wrap up the sale by November. The two plots together could fetch around Rs 1,500 crore, the report said, citing TGIIC sources.
Land taken back from arbitration centre
The first parcel, measuring 3.70 acres in survey number 83/1 at Raidurg, was allotted to the International Arbitration and Mediation Centre (IAMC) by the BRS government five years ago. The allotment was cancelled, and the Supreme Court upheld the cancellation.
The BRS government had handed over the land in 2021 without collecting its market value. In 2022, it also announced Rs 3 crore in financial assistance to the centre.
TGIIC has since written to the state seeking to take the land back from IAMC. The government has approved the proposal, and a senior TGIIC official said the notification is expected to be cleared within a week.
A second parcel of about three acres in Knowledge City is also being readied for sale.
Reserve price and timing
TGIIC is expected to set the reserve price at Rs 200 crore per acre, in line with what it secured in an earlier auction. Its last sale, held in August, fetched a record Rs 269 crore per acre.
Officials TOI quoted stated that the timing is deliberate, as buyers and investors generally prefer to purchase land during Navaratri and ahead of Diwali, when housing sales also pick up. An earlier auction was held during the auspicious month of Sravanam.
Phased sales
TGIIC has been offering Raidurg parcels in phases rather than all at once, a strategy aimed at pushing up the bid amount in each round. It has also been reaching out to companies and has held road shows in cities such as Bengaluru.
Over the past two years, TGIIC has sold about 40 acres in survey number 83/1 at Raidurg Panmakta village. About 10 acres of litigation-free land remains. The corporation is also trying to clear about 90 acres that are tied up in litigation.
SOURCE : SIASAT
