HUDA Auction Nets Rs 740 Cr in Three Months

March 28, 2007	(1 votes, average: 4 out of 5)  Loading ...
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The rising real estate prices in the state of Haryana has brought a merry time for the Haryana Urban Development Authority (HUDA). The authority has garnered a sum of Rs 740 crore through the auction of various commercial sites.

A hotel site in Sector-14 has fetched a whopping Rs. 61 crore against the reserve price of Rs. 36 crore. The site had been auctioned to M.D.L.R Hotels. Of all the sites put for auction, the lowest auction went for 45.50 lakh for a single storey booth comprising the area of 222.68 square metre in Sector 21.

The authority auctioned 25 sites in December last year, 9 in February 2007 and 10 sites have been auctioned in 2007. Interestingly, all the sites have bagged more than their reserve price. HUDA further has 50 other sites in its bag which it envisages to release in the next six months. Sites for the development of shopping malls, departmental stores, commercial spaces, and multiplexes are also in the line to be auctioned this month.

Also, there are another 125 budget hotel sites in some major locations of Haryana including Kundli, Faridabad, and Gurgaon. These sites are to be auctioned in the near future by the authority.

Among all the sites out for auction, a five star hotel site in sector 47, Gurgaon fetched the maximum amount of Rs 225.20 crore in February 2007 against its reserve price Rs. 163.90 crore. Following are the other sites which have gone for high prices. It includes a multiplex site in sector 23-23/A which cost the buyer Rs 72.5 crore against its reserve price of Rs 21.46 crore in December.

A 2700 square metre multiplex site in sector 55/56 was auctioned for Rs 73.4 crore against the reserve price of Rs 60.1 crore.

News Published Under:   Real Estate India |

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