ONE THING that Gurgaon is not lacking in is the confidence in its real estate value. For the first time, the Haryana Urban Development Authority (HUDA) has announced the reserve prices of hotels, multiplexes, shopping malls and other commercial sites prior to the date of auction. These rates, ranging between Rs 60,000 and Rs 1 lakh per square metre, are equivalent to the rates the DDA has announced recently for hotel sites in Delhi. In some cases, these are even higher.
HUDA is slated to auction these sites, including a 5-acre (20,234 sq m) five/seven-star hotel, on December 15 at the HUDA Gymkhana Club in Sector 29.
Having sold one 2.16-acre (8,750 sq m) hotel site in Sector 44 at the whopping rate of Rs 1.58 lakh per sq m for Rs 138 crore in October, HUDA officials hope to sell the five-acre hotel site for more than Rs 500 crore.
HUDA Administrator S.P. Gupta said that the idea behind announcing reserve rates was to allow the investors to plan their investments and to bring transparency in the auction process. These are the minimum prices at which the bidding process would start, he added.
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