The National Land Monetisation Corporation (NLMC) recorded successful bids totaling Rs 366.33 crore on the first day of its e-auction of land parcels belonging to Rashtriya Ispat Nigam Limited (RINL) in Visakhapatnam. A total of 150 plots were sold during this initial phase.
During the first phase, 150 plots were sold against an aggregate reserve price of Rs 312.48 crore. This represented an average premium of 17.23 percent over the baseline valuation, indicating strong market interest.
The transaction involved land owned by RINL, the corporate entity that operates the Visakhapatnam Steel Plant. The Ministry stated that this outcome marked an operational milestone for the corporation.
This first phase represents NLMC's inaugural end-to-end e-auction, showcasing a structured, transparent, and technology-driven approach to monetizing surplus public assets. Bidding activity yielded a peak valuation exceeding Rs 1.80 lakh per square yard for select locations.
This robust price discovery reflects strong market demand for well-located land parcels in Visakhapatnam. This indicates a healthy real estate market in the Andhra Pradesh and Telangana regions, benefiting local economies.
