HYDERABAD: The Telangana State Industrial Infrastructure Corporation (TGIIC) is set to auction land in Osman Nagar on April 23. The auction will feature only two parcels of land: a 10-acre site and a 5.72-acre plot, as opposed to the initially planned six parcels.
Originally, the auctions were scheduled for March 10, 13, and 16 in Osman Nagar, encompassing 48 acres. However, TGIIC postponed the auction due to various factors, including confusion regarding the utilization of transferable development rights (TDR), assembly budget sessions, and uncertainties in the real estate market. The state government has set the upset price at ₹39 crore per acre, with bidders required to offer a minimum of ₹25 lakh above this price.
Officials noted that this is the first auction being held in Osman Nagar. Previously, auctions took place in Raidurg, where land sold for ₹177 crore per acre, and in Neopolis, Kokapet, where the price was ₹152 crore per acre. To date, the state has not held any auctions.
“Following the sale of these two land parcels, TGIIC will evaluate the response from real estate firms and plan further auctions for the remaining parcels in Osman Nagar. The next auction phase is expected next month,” stated a senior TGIIC official.
The available land parcels are designated for mixed-use development, allowing for commercial, residential, retail, healthcare, and entertainment purposes. Osman Nagar’s prime location offers quick access, being just two minutes from the Outer Ring Road, 15 minutes from the Financial District, and 30 minutes from Hi-Tec City.
