Buoyed by the sale of three school sites netting over ₹135 crore recently, the Haryana urban development authority (Huda), Gurgaon, has now developed a detailed plan for auctioning of commercial, residential and institutional sites across the city in the next four months.
The authority will auction the properties online in a phased manner. Sites for the same have been identified.
Beginning November, the online sale of plots will be held in Gurgaon every Tuesday . The authority will organise similar sales across the state, but on different days.
Buyers will have to register on the website to become eligible to participate in the auction.
The online auction of real estate is part of the state-wide sale of residential and commercial sites that Huda has planned after directions from Haryana chief minister Manohar Lal Khattar. The state urban authority is facing a serious financial crunch and the state government wants it to monetise
As per the tentative plan, Huda has identified 20,000 sites across the state and aims to sell around 30 plots daily in different urban estates. Once a cash-rich agency, Huda is now struggling to pay its contractors. The recent decision of forming the Gurgaon Development Authority is also a setback to the urban authority as it loses its premium role of being the developer of the city.
Huda administrator Yashpal Yadav said in Gurgaon that there is an upswing in the city as far as response of the buyers towards properties is concerned.
“We have made a detailed list of residential and commercial sites that will be put on sale. The strategy that we are adopting is to first take properties in one sector, complete the development work, remove encroachment and then auction assets,” said Yadav.
The reason behind this approach is that buyers have conveyed to Huda that they would prefer properties in
areas where infrastructure is complete.
Yadav’s confidence in being able to sell three to four sites every week also stems from the response shown by investors during the recent sale of sites that generated revenue of over ₹135 crore. According to some officials, it is also likely that buyers of the new plots would not face enhancement charges that sometimes add to the land cost for buyers.