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Gurgaon Property News: A subsidiary of the Delhi-based Eros Group, The Millennium Plaza, has notched up a five-acre plot for a hotel site in Sector 47, Gurgaon for Rs 255.20 crore. The company on Sunday bagged the bid at an auction organised by the Haryana Urban Development Authority (HUDA), Gurgaon, for sale of 11 sites in Sector 5, 7-extension, 10A, 21, 55, 56, 47 and 9A. As per the revised reserve price (according to the market rates) of the five star
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hotel site in Sector 47 was fixed at Rs 163.90 cr.
In the last auction, this site fetched only Rs 220 cr, which was not accepted.
This time round, the site fetched Rs 255.20 cr and it was sold at a 155.70% increase.
According to the company, the hotel will come up before the commonwealth games, in the next 2-3 years.
The main feature of the auction was that a multiplex site in Sectors 55 and 56 fetched Rs 73.40 cr against the revised reserve price of Rs 6.01 cr registering an increase of 195.78%. This site was sold to Coral Realtors Pvt Ltd.
Against the total reserve price of Rs 174.54 cr for nine sites, a total bid money of Rs 341.72 cr was received which is an increase of 195.78% over the reserve price. A total 124 bidders participated.
by http://www.financialexpress.com
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