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Haryana govt to auction 100 acres from Global City land pool
ET Realty  |  November 14, 2017

Shubhra Pant Gurugram

The Haryana state industrial and infrastructure development corporation (HSIIDC) has decided to auction 100 acres from the land pool allocated for the Global City project.

 

The auction will be done in parts and, in the first round, the corporation will put 20 acres adjoining the Dwarka Expressway on the block.

 

According to HSIIDC officials, latest estimates for the Global City project have thrown up a requirement of a little over a 1,000 acres. Consequently, a chunk of land measuring around 100 acres is available for other use. “We have decided to go with just 20 acres in the first round of auction to test the market and will then plan the subsequent auctions accordingly. The land is on either side of the Dwarka Expressway,” said Manoj Pal Singh, additional general manager, HSIIDC and head of the Global City project at HSIIDC.

 

Registrations for the first round have been opened and the last date to do so is December 13, 2017. The procedure and details for the registration are available on the HSIIDC portal.

 

Intially, 1,383 acres were acquired for the project which has hit multiple hurdles. The Global City project is yet to be launched. The Manohar Lal Khattar government is keen on launching it at the earliest.

 

Singh said the land comes under mixed use development and is also applicable for benefits under the transit oriented development (TOD) policy. Since it is right next to the expressway, which is being developed as a national highway, HSIIDC hopes the auction will fetch it a good price.

 

Talking about the expected price Singh said, “As of now, we don’t have any idea because different reports are projecting different prices. It is because of this reason that we have kept the reserve price open for the auction.”

 

However, according to sources at the corporation, the land should at least be worth around Rs 100 crore going by the prevailing rate of Rs 5 crore per acre. If it is anything less than that, the corporation would not make any substantial margins. The auction will also bring some relief for the corporation, which has been facing financial problems lately.

 

TOI had earlier reported that the HSIIDC has a huge debt of Rs 9,775 crore on account of increased land compensation costs to allottees across major industrial projects. This amount is the sum of all loans taken by the corporation till May 2017 for 18 different industrial projects.