Punjab development authorities earn Rs 2,945 crore in e-auction of properties

Punjab Urban Planning & Development Authority (PUDA) and other regional development authorities have collectively earned a whopping amount of Rs 2,945 crore from the e-auction of various properties, which concluded on September 16.

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Chief Minister Bhagwant Mann said the e-auction — which began on September 6 — featured properties such as group housing, multiplex, commercial chunks, residential plots, SCOs, booths, shops, SCFs and others. Hailing this huge success, he said the development authorities operating under the Department of Housing and Urban Development had extended an opportunity to people to own their dream properties. He added that auction of these properties received a massive response from the public, especially by those who either wanted to own a residential plot or had plans to start a commercial establishment.

The CM said that the result of the e-auctions had put a stamp on the investor-friendly policies of the state government. He added that every single penny received from the e-auction shall be spent for carrying out development projects to provide state-of-the-art amenities to people.

The CM said PUDA received bids for 162 OUVGL properties, GMADA successfully auctioned two commercial chunks of Sector 62, one chunk each situated in Eco City-1 and Aerocity; three group housing sites located in Sector 66, Ecocity-2 and Medicity, respectively; besides 16 SCOs and 12 booths situated in different sectors of SAS Nagar. Likewise, he said GLADA auctioned 32 properties, BDA was able to auction 23, ADA and JDA found bidders for 34 and 22 properties, respectively, and PDA auctioned 17 properties. The CM said successful bidders would be allotted the sites on depositing 10 per cent payment. Possession would be handed over to them on payment of 25 per cent of the total bid amount.

Revenue generated by development authorities:

1. PUDA Rs 224.11 crore
2. GMADA Rs 2505.45 crore
3. GLADA Rs 108.59 crore
4. BDA Rs 46.29 crore
5. PDA Rs 21.39 crore
6. JDA Rs 20.63 crore
7. ADA Rs 19.25 crore