Why Telangana CM Revanth Reddy is not taking action against Dream Valley Illegal Villas?
Revanth Reddy, as a leader of the Congress Party, criticised the land auction conducted by the BRS government in the past. After becoming the Chief Minister of Telangana, he has focused on land sales. It has been reported that plans are being made to sell lands in expensive areas like Banjara Hills, aiming to generate about a thousand crores in revenue. Public is strongly opposing the HUDA’s focus on selling lands in Banjara Hills and do not want the Congress government to repeat the same mistakes committed by the BRS government.
Furthermore, the Revanth government has severely disrupted the real estate market so much that the market is in a situation where neither buyers nor organisations are coming forward to purchase the lands even if they are auctioned. This is because, since Revanth Reddy became Chief Minister, he has only focused on the Musi River and has not officially disclosed any policies related to the real estate sector. In a time when the real estate market has not received significant encouragement, it has become questionable who would buy such expensive lands.
The Telangana government has started hunting for additional revenue. The funds in the government treasury are insufficient to cover employee salaries and welfare development programmes, including the six guarantees promised in the elections. Additionally, the interest and monthly installments on loans are imposing an extra burden on the Telangana government. As a result, there is a constant need to incur more debt to meet ongoing requirements. In this context, the Revanth government is focusing on generating revenue through other means. Reports suggest that, similar to the previous BRS government, a decision has been made to sell lands in Hyderabad.
This time, official sources indicate that the HMDA is preparing to divide and sell the most expensive lands in Hyderabad into plots. They have decided to sell 12 acres of highly valuable land near the MLA Colony in Banjara Hills. During the previous BRS government, more than 3,000 crores in revenue was generated from the treasury through the auction of plots in expensive areas like Kokapet, Budvel, and Mokila. Following that model, the Revanth government is contemplating selling government lands in Hyderabad to replenish the treasury.
The HMDA will determine the starting price per square yard for the auction. It is reported that the minimum price could be set between Rs 1.8 lakh and Rs 2 lakh per square yard. The total of 12 acres will be developed into plots, with each plot divided into sizes ranging from 300 to 600 square yards for auction. The starting fixed price for a 300 square yard plot is expected to be set between Rs 5.4 crores and Rs 6 crores. The plot will be allocated to the highest bidder in the auction.
In this context, it is known that the HMDA has sent a report for government approval. There are possibilities for a notification related to this to be issued. Additionally, it is reported that some remaining plots in Uppal Bhagya will also be auctioned. After the real estate market in Hyderabad, which had been in disarray, begins to recover, plans are being made to auction lands in Budvel and several other areas.
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