HUDA Auctions

HUDA Auction has been instrumental in keeping the Real Estate market of Haryana, vibrant and lively. It will not be an exaggeration to state that Haryana Urban Development Authority has made the Commercial and Residential Plots and Properties in Panchkula, Sonipat, Gurgaon, Hisar, Faridabad, Manesar the most sought after for the leading Housing Companies as well as commercial Builders. HUDA-Haryana Urban Development Authority was formed by the Haryana Urban Development Authority Act 1977 in order to carry out planned and organized growth of the urban infrastructure available. In order to disburse HUDA Plots, Haryana Urban Development Authority undertakes Auctions in which the bidder has to fill in HUDA Applications for HUDA Sites and HUDA Plots. Later HUDA announces the reserve prices and the bidding starts. However now there have been some significant changes in the way HUDA Auction takes place. Earlier the HUDA Reserve Prices were announced minutes before the commencement of HUDA Auctions, and a fixed price of Rs 50,000/- was taken as a token deposit.

Generally, the final sale values of HUDA Plots and Properties would be would be three or four times the reserve price. However, it was observed that following the HUDA Results, many Property Dealers and Builders who would bid in the HUDA Auction would not turn up after offering high prices and creating market speculation. In order to avoid this, HUDA-Haryana Urban Development Authority devised an action plan to make the proceedings of HUDA Auction of commercial and institutional sites more transparent and serve the purpose. Now the entire procedure of HUDA Auctions, right from its commencement and the announcement of HUDA Results of the Auctions, has undergone a change, as an HUDA Administrator would preside over the entire HUDA Scheme of auctions to carry out the HUDA Review.

The committee carries out the review and the HUDA Allotments of Plots with their reserve price for auction are announced in the newspaper as well as on the HUDA Official Website. The Bidder is supposed to make the payment of Two percent of the reserve price to HUDA along with the application for HUDA Approved sites and Layouts. This process ends 24 hours before the HUDA Auction takes place. Thus, it has been rightly said that HUDA-Haryana Urban Development Authority has stood the test of time by implementing new procedures and schemes to attract leading players from the construction industry. In fact, the response for HUDA Current Schemes have been well appreciated in the residential and commercial sector as the payments are in installments and the commercial sites are undoubtedly legitimate. This certainly proves conducive for rental returns of commercial and institutional sites. Indiahousing.com recommends that, in order to take the advantage of the phenomenal growth in the Real Estate Market in Haryana, investing and participating in HUDA Auctions is a great initiative. In order to reap the benefits, regular visits to the HUDA official website can be gainful.

Contact Details

Address:
Administrator,
HUDA, Panchkula,
C-3, Sector-6,
Panchkula
Phone:+91 - 0172 - 560024(O)

For further information visit their website: http://huda.nic.in/

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