Visakhapatnam’s property market saw significant activity as the first phase of the e-auction of land owned by Rashtriya Ispat Nigam Limited (RINL), which operates the Visakhapatnam Steel Plant, generated ₹366.33 crore in successful bids.

Conducted by the National Land Monetisation Corporation (NLMC) on October 12, 2026, the auction exceeded the combined reserve price of ₹312.48 crore. A total of 150 plots were sold on the opening day, while the auction attracted competition among prospective buyers.

 

The auction involved residential plots in the HB Colony–Maddilapalem area. These plots were previously occupied by residential quarters belonging to the steel plant. After the old buildings deteriorated and were demolished, the vacant land was offered for sale as part of the government’s land-monetisation initiative.

The bidding saw prices in some prime locations cross ₹1.80 lakh per square yard. The results indicate strong demand for certain plots in established areas of Visakhapatnam, although prices varied by location and individual property.

 

 

The sale is part of the government’s efforts to monetise surplus and non-core assets held by public-sector enterprises. According to the Press Information Bureau, the second phase of the RINL land e-auction is scheduled for October 30, 2026.