The Haryana state industrial and infrastructure development corporation (HSIIDC) has decided to auction 100 acres from Global City land pool.
According to HSIIDC officials, latest evaluations for the Global City project have thrown up a constraint of a little over 1,000 acres. Therefore, a portion of land measuring around 100 acres is vacant for other use. The auction will be done in parts, the Haryana government will put 20 acres adjacent to Dwarka Expressway on the block, in the first round to test the market and will then plan the following auctions accordingly.
Registrations of land for the first round of have been opened and the last date of registration is December 13, 2017. The details and procedure for the registration are available on the HSIIDC portal.
Originally, 1,383 acres were acquired for the Global City project which has faced multiple hurdles. The project is yet to be launched. The Manohar Lal Khattar government is keen on launching the project at the earliest.
According to Manoj Pal Singh, additional general manager, HSIIDC and head of the Global City project at HSIIDC, the land comes under mixed-use development and is also applicable for benefits under the transit-oriented development (TOD) policy.
Since it just adjoining the expressway, which is being developed as a national highway, the government hopes the auction will fetch it a good price.
According to sources at the corporation, the land value should be not less than 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 considerable margins. The auction will also bring some relief for the corporation, which has been facing financial problems lately.
Talking about the expected price Manoj Pal 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.”
According to sources, the HSIIDC has a huge debt of Rs 9,775 crore approximately on account of increased land compensation costs to allottees across main industrial projects. This amount is the sum of all loans taken by the corporation until May 2017 for 18 different industrial projects.
