Maiden residential e-auction flops

Tribune News Service

Panchkula, October 27

Haryana’s first residential e-auction by HUDA in Panchkula proved to be a damp squib as only 13 of the 43 available sites were sold while registrations were made against only 21 sites.

HUDA expects to generate Rs 25 crore from the auction.

A one kanal plot, which went for Rs 3.34 crore against the reserve price of Rs 3.32 crore, was the maximum profit-generating sale at the auction, which indicates that the revenue HUDA got at the auction is very low.

However, Estate Officer Manish Lohan said, “These e-auctions are done to counter fake inflation created in the market and only genuine buyers, who will actually construct houses on the plots, come forward for bidding.”