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State to auction land for 10,000cr
Posted by Srini Uppala | January 5, 2008 | 245 views
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Loading ...The state government is planning to mobilise at least Rs 10,000 crore through sale of its lands in the next financial year. Various departments have been asked to identify lands that can be put up for sale.
Sources said that the Chief Minister, Dr Y.S. Rajasekhar Reddy, who reviewed resource mobilisation, asked departments to come up with concrete proposals by January 15.
However, the Initial Public Offer by the state-sponsored real estate firm, Deccan Infrastructure Limited, will not happen during this financial year. AP Housing Board, which is promoting DIL, has sought more time to complete paperwork before approaching the Securities and Exchange Board of India. Dr Reddy also asked the AP Tourism Development Corporation to take up projects in the public-private partnership mode or develop resorts, hotels and amusement parks in tourist destinations.
APTDC will thus join A P Industrial Infrastructure Corporation, Hyderabad Urban Development Authority and APHB in the real estate business. APHB managed to mobilise Rs 800 crore through sale of 42 acres in the city and surroundings though the target set was Rs 2,500 crore. Its officials told the Chief Minister that the delay in DIL’s take-off had affected revenues.
Huda officials also informed Dr Reddy about the poor response to the auction of Kokapet lands and disclosed that alternate ways were being explored including joint development with top realtors. However, APIIC surpassed its target thanks to the successful marketing of Raidurg lands.
SOURCES:
Deccan Chronicle
Topics: Govt In Action, Real Estate |
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