Telangana state government has decided to sell Rajiv Swagruha flats on a first-come-first served basis. This is because neither builder nor developer expressed interest in purchasing those flats. Instructions have been issued to officials to contrive an action plan so as to speed up the sale of all the ready-to-occupy flats. Bank connections will also be provided for prospective buyers to facilitate sales further.
Rates for the flats will be fixed within the next few days. As of now the rates are expected between Rs 3,000 to Rs 3,500 per sq ft. The apartments are located at Bandlaguda, Chandanagar, Gajularamaram, Jawaharnagar, Khammam, Kamareddy, Mahabubnagar and Pocharam. Since the government before bifurcation of Andhra Pradesh began construction of these towers by taking loans, a sizable amount goes in servicing the loans.
To augment its revenues, Telangana government is exploring various options. The state government generated around Rs 567 crore by auctioning off open plots in various districts. The Rajiv Swagruha flats at Bandlaguda, Nagole with 15 clusters of different categories of flats, including 3BHK deluxe (345), 3BHK (344), 2BHK (712) and 1BHK (745) and Rajiv Swagruha apartment towers at Khammam. So far, the project was taken up in 2010 and only 500 of the 2,746 flats have been sold.