HSIIDC AUCTIONS 11ACRE SITE IN GURGAON FOR ₹1,496 CRORE

CHANDIGARH: The cash-strapped Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) earned Rs 1,496 crore on Monday by auctioning an 11-acre commercial site in Phase 5 of Gurgaon’s Udyog Vihar.

HSIIDC managing director Raja Sekhar Vundru said this is the single ever highest bid for any site in Haryana.

He said the auction site measuring 11.76 acres is a prime chunk of land which is located on the NH-8 at Udyog Vihar Phase 5, Gurgaon, and earmarked for development of a commercial complex with transit-oriented development (TOD) rights. The reserve price of the site was fixed at Rs 686 crore.

The earnings will come as a relief for the corporation which has been facing financial strain due to an annual interest burden of ₹1,000 crore on account of huge market borrowings. Poor demand for plots and increasing liabilities too have further compounded its financial woes. The financial mess made the corporation increased its borrowing limits, primarily aimed at paying the cost of land and enhanced compensation ordered by the courts. Vundru said they came out with a campaign for disposal of the site by way of e-auction. “Four parties participated in the bidding for the 11 acre site Beech Projects Limited, Experion Developers, Parmida Constructions Ltd and Aadarshini Real Estate Developers. All four were found technically qualified. Aadarshini Real Estate Developers emerged as the highest bidder with a quotation of Rs 1,496 crore,’’ he said.