Hyderabad: Telangana State Industrial Infrastructure Corporation (TGIIC) will conduct land auction in Osman Nagar on April 23. However, it has decided to auction only two land parcels, a 10-acre parcel and another 5.72 acre plot, instead of originally planned six parcels.The land auctions were to happen on March 10, 13 and 16 in Osman Nagar near Tellapur for 48 acres. But TGIIC deferred the auction due to various reasons such as confusion on transferable development rights (TDR) utilisation, assembly budget sessions and doubts over the real estate market conditions. For the land parcels, the state govt has fixed 39 crore per acre as upset price and bidders have to bid minimum 25 lakh over the upset price.Officials said TGIIC is conducting auctions for the first time in Osman Nagar. Earlier the auctions were conducted in Raidurg, where govt sold an acre of land for 177 crore, while it was 152 crore at Neopolis in Kokapet. The state has not conducted any auctions yet.“Once these two land parcels are auctioned, based on the response from real estate companies, TGIIC will conduct auction for the rest of the land parcels in Osman Nagar. The second phase of auctions is likely to be held next month,” a senior TGIIC official said.The present land parcels have been earmarked for the mixed-use zone, i.e., the land can be used for commercial, residential, retail, healthcare and entertainment purposes. The advantage of Osman Nagar is that the location is two minutes from Outer Ring Road, 15 minutes from Financial District and 30 minutes from Hi-Tec City.
