Huda to auction 17 commercial properties in Rewari & Dharuhera on November 1

GURGAON: Cash-strapped Haryana Urban Development Authority (Huda), which is struggling to meet its daily expenditure, is planning to auction 17 commercial properties in Rewari and Dharuhera on November 1. The auction is expected to raise around Rs 25 crore.

Huda had listed several commercial properties in Gurgaon, Rewari and Dharuhera for auction in March, but had failed to attract buyers. Only around 10 out of 96 commercial properties had been sold at that time.

Plots for 13 shops in Rewari and four shops-cum-offices in Dharuhera will go under the hammer next month. “We are hoping to attract buyers this time,” said a Huda official, who did not wish to be named.

The authority managed to collect Rs 135 crore from the auction of three plots for schools in September. Five acres of land reserved for senior secondary schools in sectors 47 and 56 were sold for Rs 60 crore each. The reserve price of the land was Rs 34 crore, but it was auctioned for Rs 60 crore. Another plot of 1.25 acres in sector 52, reserved for a primary school, was sold for Rs 15.5 crore.

Excited with the success of its recent auction, Huda is expecting to get buyers for its other properties as well. “We got good prices for our land for schools, and are hoping to get a similar response for commercial sites,” said the official, adding that auctions will now be organised on a regular basis.

Huda has prepared a detail auction programme for every month, starting November. The authority has a large number of unsold residential, commercial and institutional properties in different sectors of Gurgaon and other urban areas. Unable to get required financial help from government, Huda is now banking on monetisation of these properties to raise funds.
(source by:-The Economic Times )

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