Telangana Government to Auction 1,400 Plots, 700 Unfinished Houses and Unsold Flats, Check Here Full Details

The Telangana government plans to auction 1,400 plots, 700 unfinished houses, and unsold flats to raise over Rs 3,500 crore, aiming to address the state’s growing fiscal deficit and financial challenges.

Hyderabad: In a bid to tackle the growing fiscal deficit, the Telangana government has announced plans to raise over Rs 3,500 crore by auctioning off residential plots and unsold flats under the Telangana Housing Board (THB) and Rajiv Swagruha Corporation. The auctions are set to take place next month, and a formal notification will be issued soon.

Auction of 1,400 Residential Plots Across Telangana

As part of the initiative, nearly 1,400 open residential plots will be auctioned, ranging in size from 100 to 500 square yards. These plots are located in well-planned layouts at 41 different locations across the state, including in key areas like Chandanagar, Gajularamaram, Kundanapally, Kurmalguda, and Bahadurpally within the Greater Hyderabad Municipal Corporation (GHMC) area, as well as Hyderabad Metropolitan Development Authority (HMDA) areas. Several other districts, such as Karimnagar, Khammam, and Gadwal, will also see plots put up for sale.

Sale of Unfinished Houses and Unsold Flats

In addition to the residential plots, 361 unfinished houses will be up for auction. This follows previous auctions, which have seen the sale of 3,444 plots and 195 houses.

Furthermore, the Telangana government is set to auction around 700 unsold flats at Rajiv Swagruha gated townships located in Pocharam, Bandlaguda near Nagole, Jawaharnagar, and Gajularamaram. Despite six previous auction phases, many of these flats have remained unsold since the scheme’s launch in 2007 during the previous Andhra Pradesh regime.

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Financial Challenges Prompting the Auction

This auction comes at a time when Telangana is facing fiscal challenges, including a significant dip in revenue collections for the current financial year compared to the last. By November of this fiscal year, the state’s revenue receipts stood at Rs 1.03 lakh crore, a decrease from Rs 1.11 lakh crore in the same period the previous year.

While total receipts for the year have reached around Rs 1.41 lakh crore, Telangana’s expenditure has already touched Rs 1.38 lakh crore. An additional Rs 2,621 crore has been spent on loans and disbursements, leading to a revenue deficit of Rs 14,288 crore and a fiscal deficit of Rs 37,850 crore.

Auction to Bridge the Fiscal Gap

The Telangana government’s decision to auction these properties is aimed at bridging the widening fiscal gap. The revenue generated from these auctions will help reduce the state’s deficits and stabilize its finances in the face of growing fiscal pressures.

With a focus on improving financial health, the government hopes that the successful sale of these residential plots and flats will provide a much-needed boost to the state’s revenue, easing some of the ongoing fiscal challenges.