GURUGRAM: Haryana Urban Development Authority (Huda) is planing to auction 30 residential plots on August 13 to raise around Rs 38 crore. Reeling under a financial crisis, the Authority is selling its properties at regular intervals to raise funds.
All the plots are in Sector 9A. Out of the 30 plots up for auction, seven are of 1 kanal size (approximately 5,440 sq ft), eight are of 14 marla (around 270 sq ft), seven are of 10 marla, five are of 8 marla and three plots are of 2 marla. The plots of 1 kanal have a reserve price of Rs 2 crore, while 14 marla plots have a reserve price of Rs 1.37 crore. The 10 marla plots will start at Rs 1.05 crore, and the 8 marla plots have a reserve price of Rs 87 lakh. The 2 marla plots will be available for Rs 24 lakh.
Those interested in bidding for the plots will have to deposit 10% of the reserve price of the plot for which they are willing to bid. “We have received a good response to our properties so far, and are hoping that all the properties will be sold during the e-auction,” a senior Huda official told TOI, adding that residential and institutional properties are easily sold out.
The cash-strapped civic body is banking on selling its properties to meet its daily expenses. For this, Huda has been carrying out auction of property at regular intervals for the last one year. “We are hoping to collect Rs 100 crore in a month from the auction of properties. Till now, we have been putting up 30 properties at a time for auction. We are now planning to increase the limit to put up as many properties as possible under the hammer during an auction,” the official said.
At a time when the real estate market is going through a bad phase, Huda has so far been successful in selling its properties through online auctions. Huda has successfully raised nearly Rs 700 crores by selling its properties through e-auction since May 2016. “We have been getting a very good response from residents. Most of the properties are being sold above the reserve price,” the official added.
(source by:-The Economic Times)