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Auctions 5-Acre Hotel Plot In Gurgaon For Rs 255 Cr


Auctions 5-Acre Hotel Plot In Gurgaon For Rs 255 Cr

Last updated: March 20 2007
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  • Auctions 5-Acre Hotel Plot In Gurgaon For Rs 255 Cr

    Auctions 5-Acre Hotel Plot In Gurgaon For Rs 255 Crore
    The expected demand of at least 10,000 hotel rooms in the National Capital Region (NCR) during the Commonwealth Games in 2010 has boosted the price of hotel sites in the region, and Gurgaon seems to be already upbeat. In an unprecedented development, the Haryana Urban Development Authority (HUDA) sold a 5-acre plot for a five-star hotel in Sector-47 for Rs 255.2 crore on Monday.
    The authority had withdrawn the sale of the same plot pegged at Rs 220 crore on December 15 last year.

    Cashing in on the trend, HUDA has also decided to auction at least one large hotel plot every month for the next six months.

    Said HUDA administrator S P Gupta: ‘‘As we are aware of the increased demand of rooms in the NCR, we will auction at least one hotel plot every month in the next six months so that rooms are in place by the 2010 games.’’

    The Millennium Plaza of the Eros Group bought the hotel site to create more than 400 rooms before the Commonwealth Games.

    ‘‘During the last auction, this hotel site fetched only Rs 220 crore which was not accepted as we realised that the bidding could go up to Rs 250 crore. Now we have sold it at a much higher price. We put enough efforts to ensure that top developers participated in the auction,’’ said Gupta.

    After Gurgaon turning out to be a hot destination for residential purposes, Monday’s auction has also proved how it’s emerging as one of the most favourite destinations for major hotel chains, Gupta added.

    Avneesh Sood, director of Eros Group, which owns hotels such as Shangri-la, Park Royal, Crowne Plaza in Delhi and another upcoming hotel in Faridabad, Crowne Plaza, said: ‘‘We have a target to complete the project before the Games. Gurgaon is a hot destination since it’s close to Delhi and particularly so for its proximity to the international airport.’’

    He added that the group will invest almost half the amount of auction price for construction of the hotel.

    In total, auction for 11 sites in Sector-5, 7-extn, 10A, 21, 55, 56, 47 and 9A was held, which included the five-star hotel site. Nine of the sites were sold.

    As per the revised list (as per market rates), the reserve price of the five-star hotel site was fixed at Rs 163.90 crore. A multiplex site in Sector 55 and 56 also fetched Rs 73.40 crore against the revised reserve price of Rs 6.01 crore at a 1,221% increase.

    Against the total reserve price of Rs 174.54 crore for nine sites, a total bid of Rs 341.72 crore was received which is a 195.78% increase of the reserve price.

    ‘‘Soon we will auction another 4.4-acre five-star hotel site in Sector 44. Our aim is to bring in the top players in the hotel industry so that we get the best in Gurgaon in order to make it an international city,’’ Gupta said.

    Source FromThe Times Of India
  • #2


    Re : Auctions 5-Acre Hotel Plot In Gurgaon For Rs 255 Cr

    A bumpy ride to Gur "gaon"

    Of course,Gurgaon must be an international city, but can we have some decent roads before we welcome the visitors to our flashy hotels?


    Have any questions or thoughts about this?