gurgaon huda is considering postponement of its plan to launch new residential sectors in pataudi and farrukhnagar areas of gurgaon district fearing losses due to the slump in the real estate market after demonetisationhuda is planning to launch new sectors in pataudi and farrukhnagar by acquiring 800 acre of land in seven villages for that the authority expected to spend around rs 1875 crore around rs 1375 crore as compensation to be paid to land owners another rs 500 crore to develop the sectors but after demonetisation the authority realised it would not be able to recoup enough from selling plots to cover its investment notification for acquisition of the land was issued three years ago as per the rule if huda fails to announce the compensation by december 29 2016 the acquisition will stand null and void huda was planning to launch the new sectors to help it tide over a deep financial crisis officials said they were worried about the possibility of incurring loss from the launch of new sectors in case they failed to get the desired price for the plots the amount required for acquiring the land is quite high weve forwarded the matter to chandigarh said huda administrator yashpal yadav adding a meeting will soon be called to take a final call on the land acquisitionreal estate expert pradeep mishra said market sentiment is down after demonetisation and there are few buyers this is not a good time to launch new sectors in farrukhnagar and pataudi said mishra adding that with few property buyers for even gurgaon finding buyers in pataudi and farrukhnagar would be very difficult he said with strict crackdown on unaccounted for cash and stringent rules under benami property act people have gone into waitandwatch mode the real estate market was driven by people who invested their excess money in real estate for quick returns with uncertainty in the market investors have gone into wait and watch mode said mishra hudas plan to launch new sectors in haryanas other urban areas has also been affected by the real estate slumpthe plan to launch new sectors elsewhere across the state is also likely to be postponed or delayed said senior huda official