More than 7.5 Acres of land in the Centre of Hyderabad to be Auctioned, 500 Crore to Jumble in;
In central Hyderabad, KPHB colony alone, with over 7.5 acres on the block in today s e- auction, the Telangana Housing Board would hope to fetch nearly 500 crore of land and flats to aid its affordable housing plans.
This is a big step towards the inexpensive housing projects as Telangana Housing Board (THB) is going to include over 7.5 acres of prime land as residential as a part of Kukatpally Housing Boards (KPHB) colony under auction today. The board is expecting the auction to fetch close to 500 crores.
The auction is to be conducted through e-auction facility at 3 pm today and the closing price has been pegged at 40 crore rupees per acre as an upset price. The other lots that the THB is auctioning off on the same day are 618 flats each with three bedrooms residing in uncompleted towers, the nine-storey and the twelve-storey residential towers in Pocharam and Gajularamaram respectively.
The THB is well poised to meet the target of 500 crore due to the successful auctions held in the recent past. In one such sale, a smaller piece of land in KPHB was sold out to a breaking price of more than 65.3 crores per acre. In addition, in June, a free plot at KPHB Phase-7 fetched a record price of 2.98 lakh/sq yd. Of course, officials warn that the large-acreage offering probably will not command such high per-sq-yd figures, as rates tend to shoot higher with smaller parcels.
Plot No. 1 in phase 4 of KPHB was auctioned, eliciting a stiff competition between 11 bidders on July 30. Institute of Chartered Accountants of India (ICAI) finally won the plot in the top four bidders.
V.P. Gautam, the vice-chairman of TBH observed that the subsequent sale of open plots and Rajiv Swagruha flats have already charged more than 300 crore to the board within the past two months. The funds of the further auction today will be intended to support the affordable housing program, such as the Indiramma housing project.
This targeted plot in KPHB Phase-4 has been marvelously well connected to the IT corridor of Hyderabad via a wide 60 ft. road which will further be widened to 120 ft as per the master plan of the city . Such a prime position will create a lot of interest in developers and investors who will be keen on venturing into one of the rapidly expanding residential centers in the city.
With Bidding Closing Today at 5 pm, everyone is waiting to see whether THB will be able to mobilize the near 500 bln INR it set as an ambitious target, or will it fail to reach that target and a lower value will resound throughout Hyderabad real estate.
