The state government has fixed Rs 25 crore per acre as minimum price to be quoted for the first phase of land auctions in Kokapet and Khanamet in Greater Hyderabad.
While the upset price for the total 65 acres comes to Rs 1,625 crore, the government is hoping to net about Rs 3,000 crore in the e-auctions to be held on July 15.
The Hyderabad Metropolitan Development Authority (HMDA) and Telangana State Industrial Infrastructure Corporation (TSIIC) have issued a notification for sale of 13 land parcels in Neopolis and Golden Mile projects in Kokapet and Khanamet. MSTC Ltd, a GoI agency, will help the state government in conducting the e-auctions. While the registrations began on June 15, a pre-bid meeting is being planned on June 25.
Among the plots that are being slotted for auction, the smallest one is a one-acre plot in Neopolis, while the biggest one is 8.94 acres that is also located in Neopolis. .
The government said prospective bidders will have to quote Rs 20 lakh minimum (increasing on the base price) over the upset price. Officials said this will help in discouraging non-serious bidders. Similarly, the EMD has been fixed at Rs 5 crore and the registration fee is Rs 23,600 and Rs 11,800 respectively by TSIIC and HMDA bid participants.
Since the bidding amount is huge, the government has decided to provide instalment facility for successful bidders. The notification said the bidders will have to pay 33 per cent of the total bidding amount within seven days as first instalment, another 33 per cent of the amount, second instalment within 60 days and final and balance amount before October 25. “If the bidders fail to pay instalments of their bid amount, their EMD amount and instalments will be forfeited and the plot will be auctioned in the next phases,” a senior HMDA official said.
The Rangareddy district collector has been directed by the government to issue an NOC for the successful bidders to get loans from banks with a condition that they forward the registered sale deed directly to the bank.