HUDA to Auction Plots Online in 20,000 Sites from November

October 4, 2016 | Last Modified: October 5, 2016 at 1:18 pm

Haryana Urban Development Authority has developed a plans for the auction of commercial, residential and institutional sites across the Gurgaon city in the next four months. The authority has identified the sites for which auction will be held online in a phased manner.

In November, the online sale of plots will be held in Gurgaon every Tuesday. The authority will organize similar sales across the state, but on different days.

For participating in the auction, interested ones have to register on the website to become eligible. The online auction of real estate is part of the state-wide sale of residential and commercial sites that Huda has planned after directions from Haryana chief minister Manohar Lal Khattar. The state urban authority is facing a serious financial crunch and the state government wants it to monetise
its assets.

According to the source, around 20,000 sites has been identified across the state and the authority has targeted to sell around 30 plots daily in different urban estates.

Once a cash-rich agency, Huda is now struggling to pay its contractors. The recent decision of forming the Gurgaon Development Authority is also a setback to the urban authority as it loses its premium role of being the developer of the city.

Yashpal Yadav, the administrator of Huda said that there is an upswing in the Gurgaon as far as response of the buyers towards properties is concerned. The authority has made a detailed list of residential and commercial sites that will be put on sale. The strategy that we are adopting is to first take properties in one sector, complete the development work, remove encroachment and then auction assets.

The reason behind this approach is that buyers have conveyed to Huda that they would prefer properties in areas where infrastructure is complete.

Yadav’s confidence in being able to sell three to four sites every week also stems from the response shown by investors during the recent sale of sites that generated revenue of over Rs. 135 crore. According to some officials, it is also likely that buyers of the new plots would not face enhancement charges that sometimes add to the land cost for buyers.

Source: http://www.hindustantimes.com