A 500-square-yard residential site in Chandigarh s Sector 21 emerged as the top draw at the UT Estate Office s e-auction on Monday, fetching Rs 18.88 crore against a reserve price of Rs 16.
A 500-square-yard residential site in Chandigarh’s Sector 21 emerged as the top draw at the UT Estate Office’s e-auction on Monday, fetching Rs 18.88 crore against a reserve price of Rs 16.52 crore, while a 250-square-yard plot in Sector 15-B was sold for Rs 8.33 crore, slightly above its reserve price of Rs 8.23 crore.
Of the 10 residential freehold sites put up for auction, only these two found buyers, with the combined bids touching Rs 27.21 crore.
The UT Estate Office’s e-auction of residential freehold sites witnessed a muted response on Monday, with only two of the 10 properties on offer attracting successful bids. The remaining sites will be put up for re-auction now, around Rs 2.45 crore higher than the combined reserve price of the two properties that were sold.
The highest bid came for a 500-square-yard residential site in Sector 21, which was auctioned for Rs 18.88 crore against its reserve price of Rs 16.52 crore, fetching 14.25 per cent above the reserve price.
The second successful bid was for a 250-square-yard residential site in Sector 15-B, which was sold for Rs 8.33 crore, marginally above its reserve price of Rs 8.23 crore, reflecting an increase of about 1.21 per cent.
According to the Estate Office, the e-auction was conducted through its online portal. Officials said the unsold residential sites would be re-auctioned shortly, giving prospective buyers another opportunity to participate.
While the Sector 21 site witnessed strong competition with a premium of over 14 per cent above the reserve price, the Sector 15-B plot was sold at a marginal premium of 1.21 per cent.
Despite 10 residential freehold sites being put up for e-auction, bids were received for only two properties. Estate Office officials said the remaining eight unsold sites would be offered again in a fresh round of e-auction, giving interested buyers another opportunity to participate.