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Chandigarh

Posted at: Nov 15, 2019, 7:19 AM; last updated: Nov 15, 2019, 7:19 AM (IST)

2-kanal plot in Sec 33 fetches over Rs 15 crore

UT e-auction: Overwhelming response to residential plots

Ramkrishan Upadhyay

Tribune News Service

Chandigarh, November 14

The UT Administration received an overwhelming response to an e-auction of residential properties conducted by the Estate Office that concluded today, while it failed to attract bidders for commercial and industrial properties.

The Estate Office sold all 11 residential sites on a freehold basis for Rs 44 crore against the total reserve price of Rs 27 crore.

A two-kanal plot in Sector 33 fetched the highest amount of Rs 15,30,28,732 against the reserve price of Rs 7,53,78,732, almost double the reserve price. A plot measuring 482.625 sq yards in Sector 35-C was sold in Rs 4,52,27,377 against the reserve price of Rs 3,58,77,377. Another one-kanal plot ( 528 sq yards) in Sector 40-B fetched Rs 4,01,92,675 against the reserve price of Rs 3,71,92,657.

A built-up house (No. 471) in Sector 32-A, measuring 126 sq yards, was sold for Rs 1,68,94,592 against the reserve price of Rs 1,00,31,435.

The reserve prices of the properties were fixed as per the prevailing collector rates of the area.

This time, one plot of two kanal and two plots of one kanal were included in the list of properties for the auction. The Estate Office had put up 14 commercial sites and an industrial site for auction, but it failed to get any bidder for these.

Kamajit Singh Panchhi, chairman of the Property Consultants Association, said the auction would help revive the realty market. JD Gupta, another property consultant, said commercial properties should be auctioned on a freehold basis on the pattern of Panchkula and Mohali to attract bidders. Chander Verma, an industrialist, said an industrial plot failed to get any response as it was offered on a leasehold basis.

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