Builders pay more for Baddi multiplex sites

Builders have paid around ten times more for the much sought-after building sites in the upcoming industrial belt of Himachal Pradesh to build multiplexes.

Officials of the Himachal Urban Development Authority(Himuda) said three sprawling plot deals alone had fetched Rs 12 crore. The deals had been finalised in favour of builders from Chandigarh.

"Himuda was expected to fetch a far higher price than the reserved price for these plots as there is a scarcity of such sites in Baddi," said the Himuda Chief SK Sharma.

Y Mohan Investment and Leasing jointly paid a whopping Rs 7.78 crore instead of the reserved price of Rs 1 crore for a 4600 square metre plot to build multiplexes.

Shopping malls, hotels and other buildings are to be built on these sites to cater for the upcoming Baddi industrial belt in the Solan district, which is one of the fastest growing areas in northern India with top brands of the country opening units here.

Some failed bidders though have questioned the method of auctioning of the commercial plots, as it turned out to be much higher than their expectations.