Dedicated locality research platform
Enter your email address and you will receive
a link to reset your password
The National Land Monetization Commission (NLMC) organized an auction for the sale of land blocks or plots belonging to Rashtriya Ispat Nigam Limited (RINL) (Vizag Steel Plant) in the port city through AP (Phase-1) E-auction, attracting a notable response from bidders, including NRIs. RINL properties situated at HB Colony near Seethammadhara, Autonagar, and Pedagantyada in the port city were auctioned on March 14 and March 15. A total of 220 enthusiastic bidders registered to participate in the e-auction.
Eventually, 72 plots and blocks, measuring 29,270 square yards, fetched INR 243 crore through the online bidding platform. The NLMC initiated the sale of 130 plots and 14 blocks of Vizag Steel Plant, out of which 63 plots and 9 blocks found buyers, while the remaining properties will be made available for Phase II auction in the near future. The auction featured a range of land plots or blocks, varying from 129 square yards to 5350 square yards, catering to diverse segments, including individuals, organizations, corporations, and others.
The sale featured reserve prices ranging from INR 70,200 to INR 85,800 per square yard, reflecting the prime locations of these properties in well-developed colonies or the central business district of Visakhapatnam, all free from restrictions with clear titles vested in RINL. Authorities are planning to conduct a Phase II auction soon. Interested parties can reach out to relevant officers during office hours, including NLMC General Manager Rohin Koppuravuri, RINL General Manager (Town Admin and Contract) Y Chandrasekhar, or NBCC GM Engineering Wing G Rajaram, via email.
In conclusion, the successful auction of RINL properties showcases a significant milestone in the strategic monetization of national assets. With substantial revenue generated and opportunities created for investors, this event marks a pivotal step towards economic growth and development. The participation of diverse bidders, including NRIs, underscores the global interest in India's real estate market. As we look ahead to future auctions and transactions, there is optimism for continued progress and prosperity in leveraging these valuable assets for the nation's benefit.
Rashtriya Ispat Nigam Limited operates Visakhapatnam Steel Plant, India's first integrated steel plant with a 7.3 MTPA capacity. Commissioned in 1992, it holds Navratna PSE status under the Ministry of Steel. Inaugurated on April 17, 1970, in collaboration with the USSR and Germany, VSP faced operational challenges, including coking coal shortages in February 2022. Despite setbacks that sparked protests, RINL continues its operations, resuming the third blast furnace in December 2023.
Propscience is India’s dedicated property news portal. We cover the latest events, news, trends, deals, new launches and more.
All our services and tools are completely free of cost and available 24X7!
We use cookies to give you the best possible service while using our website, please click accept and carry on browsing if you're happy with this. For more information see our Privacy Policy.
Okay, Got it!This disclaimer ("Disclaimer") is applicable to the entire Site. Upon entering the Site it is recommended that you immediately read the Terms and Conditions and Privacy Policy listed therein. Your continued usage of this Site will indicate your unconditional acceptance of the said Terms and Conditions and Privacy Policy. You hereby agree that Propscience reserves the right to modify at any time, the Terms and Conditions and Privacy Policy governing this Site without prior notification. Your usage of the Site implies that you will be bound by any such modification. You agree and acknowledge that it is your responsibility to periodically visit the Site and stay updated with the Terms and Conditions and Privacy Policy of the Website.
The information contained in this Site has been provided by Propscience for information purposes only. This information does not constitute legal, professional or commercial advice. Communication, content and material within the Site may include photographs and conceptual representations of projects under development. All computer-generated images shown on the Site are only indicative of actual designs and are sourced from third party sites.
The information on this Site may contain certain technical inaccuracies and typographical errors. Any errors or omissions brought to the attention of Propscience will be corrected as soon as possible. The content of this Site is being constantly modified to meet the terms, stipulations and recommendations of the Real Estate Regulation Act, 2016 ("RERA") and rules made thereunder and may vary from the content available as of date. All content may be updated from time to time and may at times be out of date. Propscience accepts no responsibility for keeping the information in this website up to date or any liability whatsoever for any failure to do so.
While every care has been taken to ensure that the content is useful, reliable and accurate, all content and information on the Site is provided on an "as is" and "as available" basis. Propscience does not accept any responsibility or liability with regard to the content, accuracy, legality and reliability of the information provided herein, or, for any loss or damage caused arising directly or indirectly in connection with reliance on the use of such information. No information given under this Site creates a warranty or expands the scope of any warranty that cannot be disclaimed under applicable law.
This Site provides links to other websites owned by third parties. Any reference or mention to third party websites, projects or services is for purely informational purposes only. This information does not constitute either an endorsement or a recommendation. Propscience accepts no responsibility for the content, reliability and information provided on these third-party websites. Propscience will not be held liable for any personal information of data collected by these third parties or for any virus or destructive properties that may be present on these third-party sites.
Your use of the Site is solely at your own risk. You agree and acknowledge that you are solely responsible for any action you take based upon this content and that Propscience is not liable for the same. All details regarding a project/property provided on this Site are updated on the basis of information available from the respective developers/owners/promoters. All such information will not be construed as an advertisement. To find out more about a project / development, please register/contact us to visit the site you are interested in. All decisions taken by you in this regard will be taken independently and Propscience will not be liable for any such loss in connection with the same. This Site is for guidance only. Your use of this Site - including any suggestions set out in the Site and or any use of the resources available on this Site, do not create any professional - client relationship between you and Propscience. Propscience cannot accept you as a client until certain formalities and requirements are met.
We use cookies to give you the best possible service while using our website, please accept it and continue browsing if you're happy with this. For more information see our Privacy Policy