UT set to e-auction property

Ramkrishan Upadhyay

Tribune News Service

Chandigarh, October 1

Residents will get another opportunity to own property in the city as the UT Estate Office is all set to e-auction properties. Sources said the Estate Office would auction 22 plots before Diwali and was hoping to get a huge response.

The auction will be held for residential and commercial plots in various sectors. The reserve price of the property has been fixed on the basis of the collector rate of the area.

The last e-auction organised by the Estate Office last year received a huge response as far as residential properties were concerned.

A 1 kanal plot in Sector 40 fetched a whopping Rs 4.55 crore in the auction even though the Estate Office failed to attract bidders for commercial and industrial property.

In the first phase, the Estate Office had put up 10 residential sites for auction, conducted after a gap of 10 years. All residential plots were sold at almost double the reserve price fixed by the Estate Office. In the last auction, a 10 marla plot in Sector 40 was sold for around Rs 2.95 crore. A 5 marla plot in Sector 32 was sold for Rs 1.77 crore, while a 14 marla plot in Sector 37 went for Rs 3.88 crore.

A majority of the residential plots to be auctioned are situated in southern sectors. A few plots will also be made available in northern sectors.

The Estate Office has identified 43 residential, 30 commercial, three sites for nursing homes and an industrial site to be auctioned in a phased manner.

Kamaljit Singh Panchhi, chairman, Property Consultants Association, said the reserve price of the commercial property was fixed on the basis of the collector rates, which were very high. Moreover, the property was not freehold. He said if the Administration wanted to sell commercial property, these issues needed to be resolved first.