HUDA (Haryana Urban Development Authority) is planning an auction of 30 residential plots on the 13th of August for raising close to Rs.38 crore. The Authority is presently combating a severe financial crisis and is thus selling properties at periodic intervals for raising funds. All these plots are located in Sector 9A, Gurgaon. Out of these 30 plots that will be offered for auction, 7 plots are approximately 1 Kanal or around 5, 440 sq. ft. in terms of size. 8 plots are around 270 sq. ft. or 14 marla in terms of size while 7 plots are sized at 10 marla. There are 5 plots sized at 8 marla and 3 plots sized at 2 marla.
The 1 Kanal plots come with a reserve price of Rs.2 crore while 14 marla plots have reserve prices of Rs.1.37 crore. The 10 marla plots start from Rs.1.05 crore while 8 marla plots start from Rs.87 lakhs. The 2 marla plots will start at just Rs.24 lakhs. Interested bidders will have to make a deposit of 10% of the reserve price of the plot they are interested in. According to a senior HUDA official, positive responses have been garnered for the properties till now and the Authority remains hopeful of selling off all the properties during this e-auction. Officials also added that institutional and residential properties are sold faster than other types.
The Authority is starved of cash and is betting on property sales for meeting daily operational expenditure requirements. HUDA has been auctioning property at periodic intervals over the last year. According to officials, the Authority is hopeful of mopping up Rs.100 crore every month from property auctions. Till now, 30 properties have been put up at a time for auction purposes. This number will be increased in the future according to sources.
In a period when the real estate market is going through a major slump, HUDA has successfully been selling properties through e-auctions. It has raised close to Rs.700 crore by selling properties from May, 2016 via the e-auction process. According to officials, most properties have been sold above their reserve prices.
