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HUDA to auction hotel, malls, multiplex on Dec 15

The Urban Development Authority is auctioning a 5-acre 5/7 star hotel, reports Sanjeev K Ahuja.

india Updated: Dec 04, 2006 22:45 IST

For the first time, the Haryana Urban Development Authority (HUDA) has announced the reserved price of the hotels, multiplex, shopping malls and other commercial sites prior to the date of auction.

These rates ranging between Rs 60,000 and Rs 1lakh per sq metre are equivalent to the rates that DDA announced recently for hotel sites in Delhi. In some cases, it is higher.

HUDA which is slated to auction these sites including a 5-acre (20,234 sq meters) 5/7 star hotel on December 15, would earlier announce the reserved price of the sites on the day of the auction.

Having sold one 2.16 acre hotel site (measuring 8,750 sq meters) in Sector 44 at the whopping rate of Rs 1.58 lakh per sq mtr (Rs 138 crores) in October, HUDA officials hope to sell 5-acre hotel site for more than Rs 500 crores.

HUDA administrator SP Gupta said that the idea behind announcing reserved rates of the sites was to provide the investors plan their investments and bring transparency in the auction system. These are the minimum prices from where the bidding process would start, he added.

The reserved price for one 5/7-star hotel site measuring five acres (2-234 sq meters) in Sector 47 to be auctioned on December 15 has been fixed at Rs. 161.87 crores at the rate of Rs80,000 per sq meter.

One multiplex site measuring 3,576 sq meters in Sector 23/23A has reserved price tag of Rs 21.26 crores at Rs 60,000 per sq meter. The reserved price for a shopping mall site measuring 3850 sq meters in Sector 55/56 has been announced at Rs 23.10 crores at the rate of Rs 60,000 per sq meter.

Likewise there are small sites for auction for bay-hotels and shopping cum office (SCO) sites in Sector 23/23A. Unlike earlier, the bidders this time would be required to deposit two percent of the reserve price one day prior to the auction date.

"Earlier the bidders would deposit the lump sum amount on the day of the auction. This amount is refundable for the unsuccessful bidders.

"This time we have also asked the bidders to deposit non-refundable amount of Rs 1000 to make them serious about the auction process," said a HUDA official.

HUDA officials claimed that the bidders from India as well as from abroad would make a beeline in December 15 auction that is slated to be held at the HUDA Gymkhana Club in Sector 29.

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First Published: Dec 04, 2006 22:45 IST