The auction of RINL (Vizag Steel Plant) land plots in the port city by the National Land Monetization Commission (NLMC) garnered keen interest from bidders, including NRIs. Held on March 14 and 15, the auction attracted 220 participants, resulting in the sale of 72 land plots or blocks totaling 29,270 square yards for INR 243 crore. While 63 plots and 9 blocks were sold, the remaining properties will be auctioned in Phase II. The plots, ranging from 129 to 5350 square yards, fetched prices between INR 70,200 and INR 85,800 per square yard, reflecting the demand for well-located properties in Visakhapatnam.
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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.
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