Haryana Government on Wednesday said the Haryana Urban Development Authority (HUDA) in its single largest property auction till date has sold an approximately 10 acres of commercial land for a whopping Rs 842 crore in the Sector 47 of Estate-II of HUDA Gurugram.
The site was put for e-auction on October 6 this year and was bidded on October 31. The site was successfully auctioned to IKEA, a multinational group, headquartered in the Netherlands, that designs and sells ready-to-assemble furniture, kitchen appliances and home accessories and considered to be the largest furniture retailer in the world.
This e-auction is single largest e-auction ever in the history of Haryana, said J Ganesan, Chief Administrator HUDA. The site was put for e-auction 3 times earlier but had no takers until 31 October when the multinational finally participated and emerged successful. Contrary to the prevailing trend of falling real estate prices and reduced demand, this deal exhibits the city’s potential as a global destination, he added.
He said, “This is not a one-off deal as we have planned out auctions of other Institutional and Commercial properties across the city in the next few months. Gurugram has seen a reduced demand ... However, we are hopeful to sell more properties and gather handsome revenue for HUDA from the Estates of Gurugram.”