The ongoing worldwide phenomenon of economic slowdown may take its toll on the Haryana Urban Development Authority (HUDA) too. The committee for the annual price fixation of various HUDA plots in different districts is likely to not recommend any increase in the prices of plots for the financial year 2009-10 in the state. A meeting of the price fixation committee will be held on Thursday at the HUDA office in Sector 6. This would reportedly be the first time ever that no increase in the rates would be made. The meeting is part of the annual practice of HUDA in which the price fixation committee,headed by Chief Administrator T C Gupta,decides on the value of the plots. The committee generally recommends an increase between 10 and 20 per cent every year. Last year,the committee recommended an increase of 20 per cent in HUDA plots in Gurgaon and 15 per cent in Faridabad. The price of HUDA plots in the rest of the state was hiked by 10 per cent only, said an official of HUDA. The past record shows that the prices of plots offered by HUDA in Panchkula had been doubled within three years till 2008. A 14-marla plot in Mansa Devi Complex priced at Rs 14 lakh in December 2005 was evaluated at Rs 28 lakh last year, added the official. The committee,including all district administrators,chief town planner,town planners and chief financial controller,will meet on Thursday to review the market conditions in real estate before recommending any increase in price. It is the recommendation of the committee which finally is sent to the Haryana chief minister for the final nod.
