HUDA to Launch 15 New Sectors in Urban Area Across State to Raise Funds

August 9, 2016 | Last Modified: August 9, 2016 at 3:38 pm

Urban Development Authority of Haryana has decided to add 15 new sectors in urban area across the state. The announcement was made last week for the same.

According to the source, the sale of plots in these sectors will help the authority to tide over its financial crises. The authority expects to earn more than Rs. 3,000 crore from selling plots in these sectors.

These new sectors will be added in the towns include Mahendragarh, Sirsa, Hisar, Kurukshetra, Yamuna Nagar, Bahadurgarh (Jhajjar), Pihowa, Hathin, Rohtak, Dalvali, Bhiwani, Gohana and Pinjor, with the first two getting two sectors each.

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Source: http://timesofindia.indiatimes.com/

According the information received from the senior official of HUDA said, around 6,200 residential and hundreds of commercial plots will be available in these new sectors. Around Rs. 100 crore can be earned by authority by just selling applications forms (one form costs Rs 1,000) for the draw of lots for plots allotments.

Directions has also been given to the zonal administrators for launch the new sectors by six months.

No new sectors are being added to Gurugram, from where the authority can fetch good amount of money. The reason is, HUDA has not land left for new sectors in Gurugram and most of remaining land is in private hands.
Huda is going through a deep financial crisis, with the state government expressing its inability to provide it financial assistance. The urban development body is now trying to raise funds from its own resources to complete ongoing development works.

However, the ongoing recession in the real estate market may be a dampener on Huda’s plans. In March alone, Huda had listed 96 commercial properties in Gurgaon, Dharuhera and Rewari for auction, of which, only 10 commercial properties were sold out. Since then, Huda has had limited success in its attempts at selling its unsold plots in developed sectors.

Apart from this, Huda is confident of attracting buyers for its residential plots in these new sectors of urban areas. On this the senior official of HUDA said that HUDA is facing a financial crisis, which is affecting its development work. So we’re exploring different ways of raising funds. Huda is also exploring the possibility of taking a loan against its land bank. According to an estimate, Huda needs over Rs 23,000 crore for stalled development work in Gurgaon alone.

Source: http://timesofindia.indiatimes.com