GURGAON: Reeling under financial crisis, Huda has decided to tweak the payment policy of properties bought in auction. In a bid to raise money quickly, the authority is planning to reduce the payment time from six years to 120 days.
Till now, buyers of Huda property had to pay the amount in six instalments. Buyers of residential property had to pay the amount in six annual instalments over six years, while for commercial and institutional properties, buyers had to pay the amount in six instalments over three years. Under the new policy, which is expected to be implemented from next year, the entire amount has to be paid in just three months from the date of auction.
“New policy for collection of money from auction of property is under active consideration,” said Huda administrator Yashpal Yadav, adding that buyers will soon have to make the entire payment in just 120 days. “This will help in early collection of money from auction of property,” he said.
However, real estate experts believe the reduced time limit will discourage buyers, defeating the reason for implementing the policy in the first place. “Most of the people go for Huda properties only because they get considerable time for payment. This used to be of great benefit, particularly in case of commercial property, as it brings down the initial investment in the project,” said Suresh Gupta, who deals in real estate. He added that with the new policy, buyers will have to make payment in a short span of time, which will increase the initial investment cost.
Credits Times of India