Hyderabad: Telangana State Industrial Infrastructure Corporation (TGIIC), which secured a windfall in earlier land auctions in Raidurg Panmakta, is now gearing up for another round of land sale. Sources said govt is planning to put up two land parcels, about six to seven acres, for auction next week and conclude the sale by Nov. TGIIC had last conducted a land parcel auction in Aug last week, which fetched the highest-ever Rs 269 crore per acre in the Raidurg Knowledge City area.Official sources said TGIIC is planning an auction now as generally buyers/investors prefer to buy land during the auspicious Navaratri and before Diwali and even housing sales also pick up during this time. Earlier, an auction was also conducted during the auspicious Sravanam month.TGIIC sources said a land parcel likely to go under the hammer is 3.70 acreswhich was earlier allotted to International Arbitration and Mediation Centre (IAMC) by the previous BRS govt five years ago. The corporation wrote to the state for taking over the land parcel from IAMC as the Supreme Court had upheld the cancellation of the allotment of the land to the centre. Govt also okayed the proposal and it is expected to clear the notification in a week’s time, a senior TGIIC official said.The land allotment was cancelled by the court as the BRS govt had allotted the prime land in survey number 83/1 in Raidurg free of cost in 2021 even without collecting market value and also announced Rs 3 crore financial assistance to the centre in 2022.Apart from this, another three-acre land parcel in Knowledge City is being readied for the auction. Both land parcels might fetch about Rs 1,500 crore. TGIIC is expected to fix Rs 200 crore per acre as reserve price as it bagged a similar price in an earlier land auction.TGIIC is adopting a strategy in conducting land auctions in the Raidurg area, putting up parcels in phases instead of all in one go. This is mainly to enhance the bid amount in every auction. It is also reaching out to companies, creating confidence among them and has even conducted road shows in places like Bengaluru.TGIIC had sold about 40 acres in the past two years in the same survey number (83/1) in Raidurg Panmakta village, Knowledge City, and is left with another 10 acres of litigation-free land. It is also making efforts to clear about 90 acres involved in litigation.
