2 kanal plot in Chandigarh’s Sector 33 goes for Rs 15 crore
All 11 residential sites sold for Rs 44 crore, but 14 commercial sites and one industrial plot find no takerUpdated: Nov 15, 2019 05:50 IST
A 1,014 square yards residential property in Sector 33 fetched the UT estate office a whopping Rs 15.3 crore against the reserve price of Rs 7.53 crore during the e-auction held on Thursday.
A total of 26 properties were on offer at the two-day e-auction, which began on Wednesday and concluded at 5:30pm on Thursday. While all 11 residential sites were sold, the office found no taker for the 14 commercial sites and one industrial plot.
In all, the office made 60% more than the reserve price of Rs 27.7 crore, earning Rs 44.05 crore from the sale of 11 residential sites.
“The highest bid of Rs 15.3 crore for the Sector 33 plot came from SJVN Limited. It was only Rs 8 lakh more than the second highest bid, that was separated by 50 seconds in the online bidding process,” said a senior estate office official, requesting anonymity.
After the plot in Sector 33, a 482 square yards plot in Sector 35C received the highest bid of Rs 4.5 crore.
Among others residential plots, a 528 square yards plot in Sector 40B was auctioned for Rs 4 crore against the reserve price of Rs 3.7 crore, a 335-square yards plot in Sector 40B was sold for Rs 3.4 crore, while another in the same sector went for Rs 3.18 crore.
Two separate residential sites in Sector 38 were auctioned for Rs 3.4 crore and Rs 2.9 crore. Similarly, three other sites in Sector 37 received a bidding price of Rs 2.1 crore, Rs 1.8 crore and Rs 1.71 crore, respectively.
A built-up house spread over 126.75 square yards in Sector 32A went for Rs 1.68 crore against the reserve price of Rs 1 crore.
Pent-up demand released, big boost for market
Stating that the successful auction of residential properties will give a big boost to the property market, Kamal Gupta, president, Property Consultant Welfare Association, said, “There was high demand in the market, which has been finally released with this auction. It is a big turnaround for the market, as it will invite more investors and builders.”
“The department conducted training workshops for participants in the pre-bidding process and organised visits to the property sites. Under the guidance of the estate officer-cum-deputy commissioner, the department is making the entire process transparent, thereby attracting bidders,” said Manish Lohan, assistant estate officer, on the auction’s success.
Meanwhile, industrialists have been blaming the estate office for failing to attract bidders for leasehold commercial and industrial properties.
“Neither the municipal corporation nor UT or even private players have been able to attract buyers for leasehold commercial properties. It is absolutely necessary for the current dispensation to come out with a user-friendly policy for transfer of plots from leasehold to freehold basis,” said Pankaj Khanna, president, Chandigarh Industries Association.