Huda puts 100 acres of prime land on sale - Indian Real Estate Forum

arun · 12-07-07

The Haryana Urban Development Authority (HUDA) has decided to sell about 100-acres of prime land on the Delhi-Gurgaon border, adjacant to the NH-8 for both residential and commercial development. As per current estimates, cost of land in the area is over Rs 7-8 crore per acre.

The property will be put for auction later this year. "We are giving final touches to the property. We are looking at a mixed development. Specific areas in the property will be earmarked for residential, retail, multiplex, office and hospitality space", a HUDA official said. The land could not be put for auction earlier because of some problems that the authority was facing in land acquisitions. Following acquisition of this land from farmers in 2002, some land owners had filed a legal case against the state government. Mainly, objections were raised on the remuneration offered by the then Chautala government to the farmers, which was just about Rs 5 lakh per acre. However, the scuffle between HUDA and the landlords has now been resolved in an out of court settlement.

This would be the first major land auction to be undertaken by HUDA in Gurgaon, which will incorporate mixed development. Earlier, in February this year, the authority had auctioned a 5-acre plot for a hotel site in Sector 47, Gurgaon at a price of Rs 255.20 crore. The reserve price for this site was Rs 163.9 crore. The winning bid was made by The Millennium Plaza, a subsidiary of Delhi-based Eros Group. Subsequently, in March this year, HUDA disposed off ten of its sites for Rs 71.2 crore, against a reserve price of Rs 41.34 crore. The auctioned properties comprised one hotel site, five departmental store plots, three single storey booths without basement and a primary school site.

Source: Economic Times
Date: 12/07/07

12-07-07	#1
arun New Member Join Date: Oct 2006 Posts: 43 Thanks: 0 Thanked 0 Times in 0 Posts	Huda puts 100 acres of prime land on sale The Haryana Urban Development Authority (HUDA) has decided to sell about 100-acres of prime land on the Delhi-Gurgaon border, adjacant to the NH-8 for both residential and commercial development. As per current estimates, cost of land in the area is over Rs 7-8 crore per acre. The property will be put for auction later this year. "We are giving final touches to the property. We are looking at a mixed development. Specific areas in the property will be earmarked for residential, retail, multiplex, office and hospitality space", a HUDA official said. The land could not be put for auction earlier because of some problems that the authority was facing in land acquisitions. Following acquisition of this land from farmers in 2002, some land owners had filed a legal case against the state government. Mainly, objections were raised on the remuneration offered by the then Chautala government to the farmers, which was just about Rs 5 lakh per acre. However, the scuffle between HUDA and the landlords has now been resolved in an out of court settlement. This would be the first major land auction to be undertaken by HUDA in Gurgaon, which will incorporate mixed development. Earlier, in February this year, the authority had auctioned a 5-acre plot for a hotel site in Sector 47, Gurgaon at a price of Rs 255.20 crore. The reserve price for this site was Rs 163.9 crore. The winning bid was made by The Millennium Plaza, a subsidiary of Delhi-based Eros Group. Subsequently, in March this year, HUDA disposed off ten of its sites for Rs 71.2 crore, against a reserve price of Rs 41.34 crore. The auctioned properties comprised one hotel site, five departmental store plots, three single storey booths without basement and a primary school site. Source: Economic Times Date: 12/07/07

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