GURGAON: Huda is planning to auction off about 96 commercial properties in Gurgaon, Dharuhera and Rewari on March 31 to tide over its financial crisis. The auction is expected to raise around Rs 300 crore, which will be used for development works.
The commercial properties to go under the hammer include 61 prime commercial properties in sectors 4, 5, 10A, 15 (part II), 17, 21, 23, 31, 32A and 55. Moreover, 34 commercial properties in Dharuhera and some properties in Rewari will be up for grabs.
“People who are interested in participating in the e-auction can register themselves on the Huda website from March 23 to 28.
The financial crisis of Huda has been compounded by the fact that the state government has expressed its inability to provide assistance to the urban development authority.
Left with no choice, Huda is now trying to raise funds from its own resources in order to complete its ongoing development works.
“Money raised from this auction will be used for development of sectors 58 to 115,” a senior Huda official said.
In recent years, development projects have either been stalled or have been moving at a snail’s pace because of Huda’s financial crisis, which is affecting its work across the state.
A Huda official blamed the crisis on a 2013 Punjab and Haryana high court directive that awarded enhanced compensation for land acquisition. He said because of that Huda was in the red not just in Gurgaon, but in other zones as well.
“Huda is also exploring possibility of taking loans against its land bank,” said the official.
According to an estimate, Huda needs over Rs 23,000 crore for development work in Gurgaon alone.
Credits ET Realty