Commercial site in Gurugram sold for Rs 1496 crore

CHANDIGARH: In a first, auction of prime commercial site in Gurugram fetched a whopping Rs.1496 crore by a real estate company.

The site measuring 11.76 acres is a prime chunk of land which is located exactly on the NH-8 at Udyog Vihar Phase V, Gurugram and had been earmarked for development of a commercial complex with Transit Oriented development (TOD) rights. 

The site lies opposite the Gateway Tower and Cyber Hub; in proximity to the Ambience Mall and right next to the Trident and Oberoi Hotels. The reserve price of the site had been fixed at Rs. 686 crore. 

M/s Aadarshini Real Estate Developers Private Limited emerged as the highest bidder with a quote of Rs.1496 crore as compared to the bid of Rs.1446 crore made by M/s Beech Projects Limited.

Dr. Raja Sekhar Vundru, Managing Director of Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) said that this is the single ever highest bid for any site in Haryana. 

HSIIDC had come out with a campaign for disposal of the site e-Auction in January 2018 and the last date for submission of the technical bids was February 19. 

``Four parties participated in the bidding for this site namely M/s Beech Projects Limited, M/s Experion Developers Private Limited, M/s Parmida Constructions Limited and M/s Aadarshini Real Estate Developers Private Limited. All the four parties were found technically qualified and the e-auction was held on February 26 M/s Aadarshini Real Estate Developers Private Limited emerged as the highest bidder with a quote of Rs.1496 crore,’’ he added.0

Vundru further said that the success auction assumes significance in the light of the generally held perception of a sluggish real estate market. It also vindicates the status of Gurugram as the most preferred investment destination in India near Delhi, he added. Buoyed by the overwhelming response of this auction, HSIIDC now plans to aggressively take up disposal of other such sites and projects, he added.