RINL to e-auction 19.29 acres of land in Visakhapatnam
The Rashtriya Ispat Nigam Limited (RINL), the corporate entity of the Visakhapatnam Steel Plant, is set to e-auction 19.29 acres of land in the city through the National Land Monetisation Corporation (NLMC), with a revenue target of ₹900 crore.
The land comprises 456 plots in HB Colony, spread over 18.17 acres, and three plots in Blocks 2 and 3 of Autonagar, measuring 0.56 acres each. NLMC will conduct the auction.
The move is part of RINL’s efforts to monetise surplus land in HB Colony, Autonagar and other locations, including Hyderabad and Chennai.
HB Colony land
HB Colony, adjacent to Seethammadhara, was developed about 35 years ago. RINL constructed 830 quarters for its employees on 22.19 acres. Located about 15 km from the Steel Plant, the colony did not attract many employees as a residential location.
RINL subsequently developed a township spread over nearly 4,000 acres close to the plant, where most employees moved.
The HB Colony quarters later fell into disrepair due to inadequate maintenance. About 100 quarters were renovated six years ago and allotted to lower-level employees, but they have since deteriorated.
RINL had earlier agreed with the National Buildings Construction Corporation Limited (NBCCL) to monetise the land. Some plots in HB Colony were subsequently sold through e-auction, generating about ₹150 crore.
The earlier proposal to sell RINL’s surplus land was challenged through a public interest litigation filed by Praja Shanti Party president K.A. Paul. The auction process was stayed for some time following the litigation.
NLMC to conduct auction
The Union government established NLMC in 2022 to facilitate the monetisation of surplus and underutilised land and building assets of public sector enterprises and government agencies.
NLMC has now been entrusted with the e-auction of the RINL properties. Details of the individual plot sizes and reserve prices have not yet been released.
Land values in HB Colony have increased with the development of the locality and its proximity to major roads and National Highway-16. Local property prices are estimated at ₹1.5 lakh to ₹2 lakh a square yard.
RINL officials estimate that the HB Colony land could fetch around ₹1,700 crore at prevailing market rates. This estimate is based on current land values and is significantly higher than the ₹900 crore revenue target for the 19.29-acre auction.