Saturday , November 25 2017

Telangana govt puts off realty auction

Telangana Government plans to wait for six more months for auction.

Telangana govt puts off realty auction

Realty slump produced by demonetisation has halted the auction of lands by the Telangana govt. TS government has readied an e auction notification putting 400 acres of dissimilar land parcels on the city outskirts for sale as per the report. Though with realty transactions taking a beating since the November 8 demonetisation statement the government kept the release of notification undecided.

Meanwhile the government is offering these land parcels to industries for an outright sale at market rate if any investor comes forward to set up an industry and Telangana government had expected to raise 10900 crore from the sale of land in the budget this year 2016-17 for various structures and projects it could hardly earn 1500 crore during sales held in May and August 2016 year.

Here, in this environment the government identified nearly 400 acres in Hyderabad city, Vikarabad, Yadadri, Ranga Reddy and Medchal districts in October 2016 year. Meanwhile all these land letters have proximity to Hyderabad, they command huge real estate worth. Government was expecting a bounty by putting them up for auction in November 2016 year. Though the sudden announcement of demonetisation on November 8 dashed its plans as per the report.

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Government tried to issue auction notification again in December 2016 year and this month but it held back the notification as the realty situation did not recover yet as per the report. Chances of realty picking up in the near future looks distant. Owing to this we have decided against issuing the auction notification for at least another four to 6 months as of now.

As said, in the meantime we are donation these land parcels to industrialists or corporates and they can acquisition directly by paying the market price for setting up industries or corporate offices as per the report.

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