Sort by :
Filter by :
- Whats update on SPR ?CommentQuote0Flag
- Huda is short of funds to acquire land and give compensation to land owners and taking loan from Hudco against their landbanks in Gurgaon to pay for land acquisition and it may take some time.CommentQuote0Flag
- Who's saying?CommentQuote0Flag
- If they haven't money so y r these ppl westing timeCommentQuote0Flag
- I need someone's help who is residing around SPR areas to find out whether any construction is going on in a Bldg. opposite Unitech Vistas flats across the road in Sector 70 on SPR road. This Bldg is in commercial area of Unitech and was lying incomplete for couple of years. If anyone goes on that road Pls notice how many labour approx. is working there or no one working.CommentQuote0Flag
- They are closed to last two month if you are talking about vistasCommentQuote0Flag
- Rangeen ji in today's Times of India. I paste that link here.CommentQuote0Flag
- Pls share itCommentQuote0Flag
- I visited the place few days back. This is a commercial project by Unitech now known as The Conourse unfortunately i have a unit there, There are few labourers working on 12th floor slab of tower B. Structure of Tower A is complete but no work going on to finishing. These buggers just want to complete the structure and sit with the money as 90% will be gone with the structure.CommentQuote0Flag
- ranveerboken; ji for you.
Huda may mortgage land to raise funds for new sectors - Times of India
Huda may mortgage land to raise funds for new sectors
Bagish Jha | TNN | Jan 28, 2016, 02.55 PM IST
GURGAON: The Haryana goverment is planning to mortgage Huda's land bank for bank loans to tide over its financial crisis. This follows in the footsteps of the Punjab government, which has similarly mortgaged real estate and other government-owned assets periodically to raise bank loans to fill up its depleted coffers.
After a meeting with the chief secretary and additional chief secretary in the first week of January, chief minister Manohar Lal Khattar directed the urban development body to explore the possibility of taking a loan from Housing and Urban Development Corporation (Hudco) against its land bank. Reeling under a financial crisis, Huda needs huge infusion of money to complete ongoing development work across the state.
According to an estimate, it needs over Rs 23,000 crore for development work in Gurgaon alone. Before it approaches Hudco, though, Huda has another job - to create a directory of its land assets across the state.
Besides taking a loan from Hudco, the CM also asked Huda to explore possibility of raising funds from other sources, such as examining the feasibility of building a commercial tower in Sector 29, Gurgaon. "Huda is hoping to earn money by selling shops and offices in this commercial tower. The CM has also asked us to prepare a detail of commercial plots Huda owns, and prepare a plan for their auction within two months," said a senior Huda official, adding the commercial plots will be auctioned after fixing realistic reserve prices. The CM has also directed Huda to prepare details of its tax liabilities and of the penalty imposed by the high court for delays in awarding compensation.
In the past few years, as Huda went into debt from surplus, development projects have either stalled or have been moving at a snail's pace. Admitting that Huda is facing a financial crisis, department of town and country planning additional chief secretary P Raghavendra Rao put the blame on the 2013 high court directive that awarded enhanced compensation for land acquisition. He said Huda is in the red not just in Gurgaon, but in other zones as well, and all for the same reason.
Hudco, meanwhile, has expressed its willingness to provide Huda the loan it desperately seeks. In a letter to Huda, Hudco regional chief Kamar Ali has mentioned that Hudco, which provides loans for housing and infrastructure projects, is ready to provide a loan to Huda on easy terms, with low interest rate and a 15-year repayment plan.CommentQuote0Flag
- Yes rahul88; Unitech has done same with Vista project in Sector 70, structures standing and payment collected on that basis and then stopped for finishing where 60% of our payment is to be utilized. All r very worried. Don't know how to deal with them and moreover, Huda is also delaying SPR project. God know what will happen of Gurgaon and Haryana.CommentQuote0Flag
- It was first project of this area and still not completCommentQuote0Flag
- Thanks kiranmahajan; ji for shering newsCommentQuote0Flag
- I can't say anything particularly about any project, am also invested in one of d Unitech project at SPR and d story is same no construction or slow construction, but I hav noticed one thing that unitech has increased the delivery pace in last one year but since they hav mismanaged their funds, they can not handle the situation until real estate market picks up enabling unitech to sell off some of its land bankCommentQuote0Flag
- UL diverted fund collected from one site to buy land for another 5 projects and so on hence non cud be started on investment of all funds and now prices went down, they hardly get buyer and if gets, UL is able to get only 20% of value of the deal and then payment stopped by the purchaser of UL properties. Nevertheless UL should mobilise it's whole assets ro mobilise funds to finish all projects in India and this is the only way to complete all projects. They will have to reach at Zero point again to achieve at highest level again, cycle of nature.CommentQuote0Flag