HUDA offers Rs.700 cr commercial plots

Buoyed by the recent land deal between Haryana Urban Development Authority (Huda) and Sweden based furniture major, Ikea, the nodal agency is all set to auction commercial land parcels worth Rs.700 crore. It has already identified two big land pockets – 2 acres in Sector 29 and 3 acres in Sector 43 with reserve price of Rs.209 crore and Rs.532 crore, respectively, said estate officer-II of Huda, Vivek Kalia, that these two plots, if they managed to find buyers, would raise the targeted funds. Till now, Huda had been selling shop-cum-office (SCO) spaces, shops and kiosks in market areas and struggling to find buyers. The model of the Huda market space is such that huge areas are allotted for open spaces and parking, leading to high cost of shops. As a matter of fact, big pockets of land attract big corporate but now instead of developing the market and selling shops, Huda would prefer to sell big land parcels.