Chandigarh: Eight freehold residential sites’ auction fetches Rs 37.5 crore

Ryan M. Cason
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Chandigarh: Eight freehold residential sites' auction fetches Rs 37.5 croreCHANDIGARH: After a gap of more than two years, the UT estate office on Wednesday successfully managed to auction eight residential sites.

Assistant estate officer (AEO) Harjeet Singh Sandhu said the UT administration conducted the e-auction of the eight residential sites on freehold basis in sectors 33, 34, 35, 37 and 40 and against the reserve price of Rs 18 crore for them, they earned Rs 37.5 crore, an increase of 108%. The last auction for residential sites was conducted in 2019, he said.

Sources said the auction price of each property will be released by the UT estate office on Thursday. In the tender document, the estate office had clarified, “No fragmentation or amalgamation of any site or building shall be permitted. Provided that the amalgamation of two or more adjoining sites with the same ownership shall be permissible only in the case of commercial, industrial and residential plots with the contiguous zoned area, subject to the condition that the permission for amalgamation shall be accorded by the Estate Office, UT, prior to the approval of the building plans. Provided further that the fragmentation of any site shall be allowed if such fragmentation is permitted under any scheme notified by the administration (sic).”

In the November 2019 auction, a 1,014 square yard plot (which is around 2 kanal) in Sector 33 was auctioned for Rs 15.3 crore against the reserve price of Rs 7.53 crore. In 2019, the estate office had put up properties — 11 residential, 14 commercial and one industrial — for auction. While there were no takers for commercial and industrial properties, the estate office had earned Rs 44.05 crore from the auction of these 11 residential properties.

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