Mohali, September 26
The Punjab Urban Planning and Development Authority (PUDA) earned a whopping Rs 106. 79 crore for a multiplex site at Chhoti Baradari, Jalandhar.
The site reserved for a price of Rs 46.63 crore was auctioned today. The successful bidder was Gujarat based Amazone Enterprises Private Limited, a company owned by the Reliance group.
The site had attracted top national players to Jalandhar and 17 bidders registered for participation in the auction. Prominent participants were Sophia Constructions Ltd India, A.B. Motions Pvt Ltd, Green City Build Tech Ltd and Prime Infrawell Pvt Limited.
A.B. Motions Pvt Limited, a company promoted by liquor baron Ponty Chadha, was the second highest bidder letting go at a narrow margin of Rs 71,1450 against the highest bid of Rs 106,79,31,480.
Chief Administrator, PUDA, Som Parkash said this was the highest-ever price fetched from the disposal of a commercial site by the authority. “PUDA would be offering more high-potential commercial sites in the near future to attract private investment in the state,” he said.
Following the auction, Amazone deposited 10 per cent of the total bid amount. Another 15 per cent of the bid amount is payable within 30 days and the remaining 75 per cent of the amount has to be paid in four equated yearly instalments calculated with interest rate.
This site is part of the land measuring 104.59 acres transferred to PUDA by the government of Punjab for its planning, development and marketing. The purpose of transferring this
land was to fund the development of the Punjab Institute of Medical Sciences and Hospital coming up at Garha Road, Jalandhar.
The site was transferred under a tripartite agreement executed amongst Department of Medical Education and Research, PIMS, and PUDA in April 2002.
In this land, there are 21 residential plots, 54 commercial sites and 7 institutional sites still available for disposal, said a PUDA spokesperson.
