HS2 is planning a fire sale of surplus land as part of a push to cut the project’s £100bn bill.

The rapid sale, described as a “sprint project” in this week’s Budget, will include land that is no longer required around stations and the main depot on the 140-mile line between London and Birmingham.

Pockets identified as surplus to requirements and expected to extend to more than 100 acres will be unlocked for sale – potentially bringing in millions of pounds to reduce the costs of the project.

It is understood that some plots may be handed over to local development corporations to promote regeneration and economic growth around the stations.

Under the original plans, land purchased by HS2 was to have been retained until the opening of the railway.

However, it is understood that a decision was taken to free up land now to bring forward benefits for local communities after Heidi Alexander, the Transport Secretary, revealed that the line will not be ready by the targeted date of 2033.

HS2 said the initiative was part of a cost-cutting reset being led by Mark Wild, who took over as chief executive a year ago.

The high-speed rail project was originally priced at £33bn but has rapidly spiralled higher. The final cost of HS2 has most recently been estimated at £81bn in 2019 prices, or more than £100bn accounting for inflation. An updated figure will be provided by Mr Wild after his reset.

Mr Wild is expected to report back to ministers on possible savings following the renegotiation of contracts with suppliers.

Among sites under consideration for sale are areas around HS2’s Curzon Street terminus in central Birmingham and a station in Solihull where the line passes Birmingham Airport, Birmingham International station and the National Exhibition Centre.

The latter site adjoins the £3.2bn Arden Cross development, which aims to create a new economic hub with offices, shops and thousands of new homes.

Excess land around the former Alstom train factory in Birmingham’s Washwood Heath is also under review for disposal. It will host HS2’s maintenance depot and storage yard and the control centre for the network.

Some plots and properties further from the route that were purchased after being deemed unsaleable during the construction phase have already been made available via a pilot scheme.

However, the sales will not yet include thousands of acres of trackside fields compulsorily purchased from local landowners.

While the trackbed of HS2 is only 20 metres wide, the land around the track extends to 120 metres in some areas.

HS2 acquired 27 sq miles of land for phase one of the project, now the only part that will go ahead after Rishi Sunak scrapped the line to Manchester in October 2023.

The disposal of large quantities of land from the eastern leg of the project to Leeds via the East Midlands, which was cancelled in 2021, is expected to commence next year.

Land purchased for the Manchester leg is being retained while the Government assesses how best to proceed.

Andy Burnham, the Mayor of Greater Manchester, has said it should be used for a cheaper high-speed line connecting the North with the truncated HS2.

A spokesman said: “We are working with partners to unlock the full potential of land along the route and around our stations and depot as part of the reset of HS2.

“Our ambition is to create vibrant new development opportunities and deliver lasting benefits to local communities, bringing forward housing, jobs and investment well ahead of the railway’s opening.”

Try full access to The Telegraph free today. Unlock their award-winning website and essential news app, plus useful tools and expert guides for your money, health and holidays.