Vizag steel plant earns Rs 2.43 billion from land block sales

The auction for the sale of land blocks or plots belonging to RINL (Vizag Steel Plant) by the National Land Monetization (NLMC) in the port city through AP (Phase-1) E-auction saw a positive response from bidders, including NRIs. RINL properties situated at HB Colony near Seetammadhara, Autonagar, and Pedagantyada in the city were put up for auction on March 14 and March 15. It was observed that a substantial number of 220 enthusiastic bidders had registered to participate in the e-auction. A total of 72 units (comprising 63 plots and 9 blocks) of land measuring 29,270 sq yards were successfully sold for Rs 2.43 billion through an online bidding platform. The NLMC had announced the sale of 130 plots and 14 blocks of Vizag Steel Plant. Out of these, 63 plots and 9 blocks were sold, while the remaining properties would be offered for sale during Phase II. It was mentioned that a variety of land plots or blocks ranging from 129 square yards to 5350 square yards, catering to diverse segments of individuals, organisations, or corporations, were made available for sale. The sale included reserve price ranges from Rs 70,200 to Rs 85,800 per sq yd since all the properties were situated in well-developed colonies or the central business district in Visakhapatnam, with no encumbrances and clear title vested in RINL. Authorities announced plans for a Phase II auction to be conducted soon. The management of the Steel Plant informed that interested parties could reach out via email or contact relevant officers during office hours, including NLMC's general manager Rohin Koppuravuri, RINL's general manager (Town Admin and Contract) Y Chandrasekhar, or NBCC's GM engineering wing G Rajaram.