Rs 7.53 cr reserve price for 2-kanal plot

Ramkrishan Upadhyay

Tribune News Service

Chandigarh, September 17

The UT Administration has fixed the  reserve  price of commercial and residential  sites  which   it  intends to e-auction.

 The Estate Office has started the process  for the  auction  after nearly 10 years. The  last auction was  held in 2009. 

Sources said the Estate Office  had decided to auction  43  residential and   30  commercial sites, besides three nursing  home  sites and an industrial site. The  reserve price had been fixed as per the prevailing collector rates   of the  properties. 

The Estate Office has fixed a reserve  price   of Rs  7,53,78,732  for a plot  measuring   1,014  sq yards  (two kanals) in Sector 33-C. Likewise, the reserve  price of a plot measuring  500 sq yards  (one  kanal)   has been fixed at Rs 3,72,06,169. 

This  time, two plots of two kanal,  three  plots of  one kanal and   some plots of different marlas have  been included in the auction list.

The reserve price of a commercial property, measuring 122.91 sq yards, in Sector  27 has been fixed  at Rs 3,79,64,441. A majority of the  commercial  properties  that have been included in the auction  are in Sector 39 and 40.  

Of the 30 commercial properties, three  are in Sector 36,   two in Sector 42,   three in Sector 44 and  10 in Sector  39-D. Commercial  properties  include booths and SCOs.

Sources said the Estate Office was likely to hold an e-auction  as it had got approval from the Administration. JD Gupta, a property consultant, said the Estate Office might not get the desired response  for the commercial  properties  as the  reserve price was fixed on the basis of the collector rates, which were very high. Besides, the property was not freehold.

The last auction of properties was held in 2009. Since then, the UT planned an auction four times, but could not conduct it for fear of earning less revenue. In 2009, the UT had earned Rs 60 crore from 12 commercial properties, and Rs 40 crore from 33 residential plots. Plot number 1289 in Sector 19 was the costliest. The 1-kanal plot was auctioned for Rs 4.06 crore.