Visakhapatnam, October 13 (Daily Kiran) : The National Land Monetization Corporation (NLMC) successfully conducted an e-auction for 150 plots of land belonging to the Rashtriya Ispat Nigam Limited (RINL), also known as the Visakhapatnam Steel Plant, on Tuesday. According to a statement from the Ministry of Finance, the total bids amounted to ₹366.33 crore, surpassing the reserved price of ₹312.48 crore.
The ministry noted that the successful bids averaged a premium of 17.23% over the reserve price, indicating robust market participation and strong investor interest in the properties. The auction saw competitive pricing, with the highest bid exceeding ₹1.80 lakh per square yard. This reflects the high demand for land parcels in prime locations around Visakhapatnam and underscores the potential for generating economic value through a transparent and competitive auction process.
Following this initial success, the second and final phase of the e-auction will provide potential buyers with another opportunity. Scheduled for October 30, the auction will take place from 11 AM to 5 PM, featuring the remaining 216 land parcels.
The ministry emphasized that this will be the last phase of the current auction, urging interested buyers to study the available plots and complete their registration by the deadline. The results from the first phase offer insights into market participation and pricing trends, assisting prospective bidders in their decision-making.
Bidders must register by October 27. Details regarding the available plots, reserve prices, eligibility criteria, and participation information can be found on the official e-auction portal.
This initial phase of the RINL land e-auction is a significant milestone for the NLMC, marking its first fully operational end-to-end e-auction. According to the ministry, it represents a streamlined, transparent, and technology-driven process for monetizing public assets.
The e-auction is being conducted in coordination with RINL, with Quikr India Private Limited acting as the transaction advisor. The online bidding process is facilitated through RailTel’s e-tendering platform.
This e-auction is part of a broader initiative to promote the productive use of surplus land assets held by Central Public Sector Enterprises (CPSEs) and other government entities. The NLMC aims to enhance buyer participation and ensure fair pricing by bringing these properties to market through a transparent process.
In September, NLMC and RINL organized investor outreach programs in Visakhapatnam, Vijayawada, and Hyderabad to provide potential buyers with information about the assets, address their queries, and familiarize them with the bidding process.
These programs included discussions on registration, documentation, earnest money deposits (EMDs), and the online bidding process. The ministry stated that these efforts aimed to raise awareness and encourage greater participation from bidders.
The success of the first day of the RINL land e-auction is seen as a significant step forward in NLMC’s transparent and competitive public asset monetization efforts. The positive response to the auction indicates that a well-structured market process can attract investors and facilitate better value creation for government assets.
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