Four property tracts in Gurugram attract Rs 500 crore from three developers.

Haryana State Industrial & Infrastructure Development Corporation (HSIIDC) Auctions

The Haryana State Industrial & Infrastructure Development Corporation (HSIIDC) auctioned four land tracts for residential development in Gurgaon, raising Rs 500 crore from three developers.

Land Development in Gurgaon

Haryana Shahari Vikas Pradhikaran (HSVP), the state urban development body, and HSIIDC have been auctioning valuable land for residential development in Gurgaon, with developers lined up to buy, mainly via government agencies, as the residential sector experiences record sales.

Significant Land Purchases

"Gurgaon has experienced some significant land purchases via government auctions in prominent areas. All of these land parcels were in Sector 80, which will be Gurgaon's next boom region, with various residential buildings planned," said Mudassir Zaidi, executive director, North, at real estate consultant Knight Frank India. Knight Frank had advised Eldeco and Trehan Iris on the deal.

Developer Statements

Aman Trehan, Executive Director of Trehan Iris: "We are in the midst of developing our company and have carefully planned our strategies. Similarly, we just won an auction in Gurugram. We are now working on the plot development plan and hope to unveil a luxury residential property shortly."
Pankaj Bajaj, MD of Eldeco Group: "We plan to develop a luxury group housing project on this land with golf facing 3/4 BHK apartments in unit sizes ranging from 2200-3500 sq ft."

Other Developments

Conscient Infrastructure paid almost Rs 80 crore for a 6.6-acre plot of land.
Ashiana Housing has just received 43,708 square meters of land from HSIIDC for a residential project in Sector 80 in Gurgaon.
Adore Group has bought 10.20 acres of land in Sector 77 for Rs 200 crore to create a residential complex.