Properties worth Rs 2K crore up for grabs in 13 towns of Punjab

Residential, commercial and institutional sites worth Rs 2,000 crore are up for grabs in 13 towns of the state, including Mohali, New Chandigarh, Ludhiana, Jalandhar, Amritsar and Patiala.

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Punjab Urban Development Authority and other development authorities will begin the e-auction on March 12, which will conclude on March 22. Among the properties going under the hammer are sites for group housing, schools and commercial establishments such as SCOs/SCFs and booths.

Officials of the Greater Mohali Area Development Authority said the sites would be allotted to the successful bidders on receiving only 10% of the final bid price. The possession would be handed over on the payment of 25% of the bidding amount.

During similar exercises in September and October last year, PUDA and other development authorities had auctioned properties worth over Rs 2,000 crores.

Mohali Property Consultants Association president Harjinder Singh Dhawan said, “The development authority and the AAP government should also think about economically weaker section. Earlier, plots and flats were reserved for this category on no profit, no loss basis, but it has completely stopped now. The government is solely driven by greed to monetise land.”