Allotment of one-kanal plot in Sector 19 cancelled

The UT Estate Office has cancelled the allotment of a residential plot and a commercial site as the highest bidders failed to deposit the 25% of the total amount within 48 hours of the auction.

The Estate Office had invited bids for 13 residential sites on a freehold basis and seven commercial sites on a leasehold basis.

According to Estate Office officials, the allotment of a 500 sq yard plot in Sector 19-B, which was auctioned for Rs 22 crore, and that of a commercial site (booth) in Sector 44, which was auctioned for Rs 2.25 crore, were cancelled over non-payment of the amount.

The auction held on September 4 had generated a remarkable revenue of Rs 168.85 crore against a reserve price of Rs 75.29 crore.

The Estate Office earned a total revenue of Rs 146.22 crore the auction of 13 residential sites against the reserve price of Rs 59.93 crore and Rs 22.63 crore from the auction of two commercial sites against the reserve price of Rs 15.36 crore.

There was highly competitive bidding for residential plots in Sectors 19-B, 33-C, 37-D, 40-A & D, 44-A & C and 46-A, with several sites fetching over 200% more than the reserve price. Two commercial sites — an SCO in Sector 8-C and a booth in Sector 44 — had also received bids almost double the reserve price.