In a first, HUDA to develop 53 residential sectors outside Ggn
Gurugram: In a first of its kind move, the Haryana Urban Development Authority (HUDA) will be building 53 residential sectors in the state. None of these sectors will be set up in Gurugram. Various litigations, problems in Dwarka Expressway, enhancement fee has now ensured that other cities in Haryana are now being explored as options. This is despite the fact that Gurugram is still the revenue generator for the state in terms of property registrations.
For long, Gurugram has been a major cash generator for the Haryana government and its public agencies in terms of real estate that comprises of development of residential as well as industrial townships. The Authority has been at the forefront among public agencies to have developed various such sectors in the city. In the process, it is under heavy debt where recent transactions of Gurugram have contributed to a great deal.
HUDA has been acquiring land from the villagers and develop into residential and industrial townships. The significance and profitability of the public agency have been most felt in Gurugram where the realty sector saw an exponential rise for a long period of time.
One of the significant phases of the downturn was experienced during the period of 2006-2009 when HUDA acquired land to develop sectors mostly in the Golf extension road.
In a major blow to the public agency, the villagers went to court demanding for a greater compensation after the prices in Golf Course Extension road increased. The court gave a judgment in their favour and now the public agency is asking the new homebuyers for more money that has resulted in the protest by the new homebuyers.
Unlike Golf Course Extension roads, the downturn in the realty market and fall in property prices have hit the government agency and it has not been able to become out of its debts. What has also not helped the matter is rampant corruption and lack of transparency in allocation of the plots? Most of these cases are being heard in the courts. The similar ordeal was faced in developing Dwarka Expressway where inadequate compensation and litigation cases further drained the resources of HUDA.
The Gurugram Metropolitan Development Authority (GMDA) is mainly acquiring the land. GMDA will be responsible for the compensation procedures and getting the land notified from the State Government.
The GMDA has also been mandated for the collection of external development charges (EDC) and will also have the powers to levy the duty on transfer of immovable property located within the notified areas of the city. Most of these tasks were earlier handled by HUDA.
