Reserve price down 35%, yet one liquor vend goes in Chandigarh

Chandigarh, May 12

Despite a 35% drop in reserve price by the Excise and Taxation Department, only one liquor vend out of the remaining 20 could find a buyer during the 11th auction held today.

The vend, located near the railway crossing at Mani Majra, was auctioned off for Rs 1.95 crore, against the reserve price of Rs 1.94 crore.

Of the total 95 vends, 76 have so far been sold, while 19 still remain unclaimed.

In the 10th auction held on May 6, two liquor vends were sold, while in the ninth round of auction on May 1, no buyers came forward for any of the remaining vends. A similar situation was witnessed in the eighth round of auction.

In the seventh auction, the UT was able to sell three vends, while in the sixth round, too, no bidders came forward.

Left with no option but to slash the reserve price multiple times, the department is now staring at a revenue gap of almost Rs 430 crore this financial year (2023-24).

The officials from the department say the auction will be held again till the remaining vends are disposed of.

Last year, too, the department had to hold seven auctions, but three of its vends remained unsold.

The liquor vend in Dhanas, located near Mullanpur, which had been fetching the highest bid for the past two years, has yet again failed to attract buyers.

Last year, the vend had received the highest-ever bid of Rs 12.78 crore against the reserve price of Rs 10.39 crore, whereas in 2021, it had fetched Rs 11.55 crore against the reserve price of Rs 7.95 crore.