HSVP to auction over 200 properties on July 8, aims to raise ₹200 crore

The Haryana Shahari Vikas Pradhikaran (HSVP) will auction over 200 residential and commercial properties on July 8. This will be the authority’s first property e-auction this year. Officials of the HSVP, formerly known as Haryana Urban Development Authority, said that around 100 residential and 100 commercial plots of various sizes spread across Gurugram, Dharuhera, and Rewari will be auctioned to the highest bidders. The authority is expecting to earn around ₹200 crore from the auction.

The Haryana Shahari Vikas Pradhikaran (HSVP) will auction over 200 residential and commercial properties on July 8. This will be the authority’s first property e-auction this year.

HT Image

Officials of the HSVP, formerly known as Haryana Urban Development Authority, said that around 100 residential and 100 commercial plots of various sizes spread across Gurugram, Dharuhera, and Rewari will be auctioned to the highest bidders. The authority is expecting to earn around ₹200 crore from the auction, while similar auctions are also on the anvil for Faridabad, Hisar, Rohtak, and Panchkula.

Jitender Yadav, administrator, HSVP, Gurugram, said that interested buyers can check the details of the properties put on auction on the authority’s website, at the time of registration. “We have carried out due diligence on these properties in different sectors. We got a positive response to the auction in 2020. Properties worth over ₹150 crore were sold. The plots being offered to the people are at good locations, and will certainly generate a premium for the HSVP... Given the portfolio of properties on offer, it is likely that many would bid for the plots this year,” Yadav said.

Apart from Gurugram, the auction would be held for HSVP plots in Faridabad on July 2, Hisar plots on July 1, Rohtak plots on June 25, and Panchkula plots on June 23, according to Yadav.

The HSVP had sold 100 commercial and residential properties in Gurugram, Dharuhera, and Rewari worth ₹165 crore during the mega property auction in October 2020. The authority had sold maximum properties from Sector 1 to Sector 57, worth ₹135 crore. Officials, however, admitted that more than 200 properties were on auction, but had managed to sell 102 properties due to the slowdown amidst the coronavirus pandemic.

The authority suffered a major setback in 2020, after Punjab and Haryana High Court ordered a stay on sale and e-auction of property sites after an applicant filed a petition saying that several cases of plot reallotment and alternatives to be provided by the HSVP had been pending for several years. Later, the HSVP managed to get the stay order vacated and resume the real estate auction.