Rex

The Haryana Urban Development Authority (HUDA) is going to increase price of its plots in its upcoming Gurgaon colonies. Several factors are believed to be accountable for the proposed hike. It includes large expenditure on mega infrastructure projects such as Metro Extension in Gurgaon, wider roads and flyovers, expensive cost of land, and increasing development cost.

However, the prices of HUDA plots will be higher than what has been offered earlier but it would be less than what the builders offer, says TC Gupta, Chief HUDA Administrator. Plots in Sector-57 fetched Rs 3,780 and Rs 4,620 per square yard in 2004 and Rs 6,000 per square yard for the group housing society plots in 2006.

Builders in the same areas were selling out properties at around Rs 25,000-50,000 per square yard in 2006. The Authority is planning to sell properties in Sector 48, 49, 50, 51, 52 for Rs 10,000 per square yard or more. These prices will come into effect by the end of the current fiscal.

HUDA sets the rates of plots according to the cost of land acquisition and colony development. The Authority is stepping up its best efforts to offer an array of exclusive infrastructure facilities in Gurgaon in near future, thereby making it a world class city.

According to sources, HUDA will spend thousands of crore rupees on the Metro Extension to Manesar, development of 35 flyovers, and widening the roads in Gurgaon.