HYDERABAD: The Telangana Housing Board is set to auction over 7.5 acres of prime land located in the Kukatpally Housing Board (KPHB) colony on Wednesday, anticipating nearly 500 crore in revenue from the sale. The starting price has been set at 40 crore per acre, with the e-auction scheduled to begin at 3 PM.
Alongside this, 618 unfinished 3BHK flats in high-rises of nine and twelve stories at Pocharam and Gajularamaram will also be auctioned this Wednesday.
The board’s confidence in achieving close to 500 crore stems from previous e-auctions, where a single quarter of land was sold for over 65.3 crore. A recent auction for plot number 1 in Phase 4 of KPHB saw 11 bidders, with the Institute of Chartered Accountants of India (ICAI) winning among the final four.
In June, a record price of 2.98 lakh per square yard was achieved for an open plot in KPHB Phase 7. However, this new offering is residential land, bordered by a 60-foot road with plans for expansion to 120 feet, ensuring excellent connectivity to the IT corridor.
The deadline for bid submissions was 5 PM on Tuesday. Officials have indicated that land prices typically rise for smaller plots, making it less likely that the rate of 2.98 lakh per square yard will be reached for this larger residential parcel.
VP Gautam, the vice chairman of the Housing Board, informed TOI that over 300 crore has already been generated from the auction of plots and Rajiv Swagruha flats in the last two months. Proceeds from this auction will support affordable housing projects and the Indiramma housing scheme in the state.
