In a big jolt to the State government, builders and developers didn’t show any interest in the e-auction of Rajiv Swagruha flats at Bandlaguda, situated in the outskirts of Hyderabad.

The Hyderabad Metropolitan Development Authority (HMDA) had listed 32 towers containing 2,246 flats in Bandlaguda and eight towers in Khammam up for auction. The urban planning agency had hoped to raise at least a few hundred crores of rupees through the auction. 

In Bandlaguda, though the residential apartment complex was developed with all required social and civic amenities such as dedicated power transformers, green spaces, tot-lot, children play areas, 24×7 water supply, open spaces, internal street lighting, internal cement-concrete roads, all-round compound wall and security check post at entry and exit, it failed to garner any response from buyers.  

The project has a clear title and encumbrance free, developed in the government land with GHMC approval. The government had proposed to sell the 2,246 semi-finished flats on an “as is where is” basis by grouping them into clusters/towers. Of the total, there are 345 3BHK deluxe flats, 444 ordinary 3BHKs, 712 2BHKs and 745 1BHK units.

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Similarly, for the Rajiv Swagruha Apartment Towers at Khammam, there was no response from the builders. Sources say that they would look into the reasons for the lukewarm response and take remedial measures whenever the next e-auctioning is held.

The project, Sahabhavana, was built on 26 acres land in Bandlaguda. In 2010, 500 of the 2,746 flats were sold, while the remaining ones went for auction. And still search for owners.

With no builder or developer expressing interest in purchasing Rajiv Swagruha flats, the State government has decided to sell these flats on a first-come-first-served basis, though preference will be given to government and PSU employees.

Accordingly, instructions have been issued to officials to formulate an action plan so as to expedite the sale of all the ready-to-occupy flats. To further facilitate sales, bank tie-ups will also be arranged for prospective buyers. 

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While rates for the flats will be fixed within the next few days, it’s learnt that the price band would be in the range of Rs 3,000 to Rs 3,500 per sq ft. The Telangana Rajiv Swagruha Corporation Limited (TRSCL) has constructed high-rise residential apartments (towers) at Bandlaguda, Gajularamam, Jawaharnagar, Chandanagar, Pocharam, Khammam, Kamareddy, Mahabubnagar and other places. However, these flats have remained showpieces for over a decade now, with the government unable to sell them due to various reasons.

Since the government of undivided AP began construction of these towers by taking loans, a sizable amount goes in servicing the loans. This apart, the cash-strapped Telangana government is exploring various options to augment its revenues.  Selling off nonperforming assets like the Rajiv Swagruha high-rise complexes makes perfect sense for the State government. 

On March 24, the Hyderabad Metropolitan Development Authority (HMDA) conducted e-auctioning of Rajiv Swagruha flats at Bandlaguda, Nagole in 15 clusters with 32 Towers and 2,246 flats and similarly the Rajiv Swagruha Apartment Towers at Khammam (eight towers). The State government was hoping to raise a few hundred crore through the e-auction but there was no response from builders. 

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In sharp contrast, the State government generated around Rs 567 crore by auctioning off open plots in different districts.

The Rajiv Swagruha flats at Bandlaguda, Nagole with 15 clusters of different categories of flats, including 3BHK deluxe (345), 3BHK (444), 2BHK (712) and 1BHK (745) and Rajiv Swagruha Apartment Towers at Khammam (eight towers). The project was taken up in 2010 and only 500 of the 2,746 flats have been sold so far.

Recently, Chief Secretary Somesh Kumar, accompanied by MAUD Special Chief Secretary Arvind Kumar and Telangana Housing Board Vice-Chairman Sunil Sharma and senior officials visited Rajiv Swagruha flats at Bandlaguda and Pocharam. Somesh Kumar said that all the flats will be put up for sale very soon on a first-come-first-served basis. #KhabarLive #hydnews