Real Estate Boom: Punjab Govt collects around Rs 3K crore in a single day by auctioning properties

Real Estate Boom: Punjab Govt collects around Rs 3K crore in a single day by auctioning properties

Kanwar Inder Singh/ royalpatiala.in News/ September 17,2024

Owing to the pro-people and development oriented policies of the Punjab government led by Chief Minister Bhagwant Singh Mann, the Punjab Urban Planning & Development Authority (PUDA) and other Regional Development Authorities have collectively earned a whopping Rs. 2945 crore from the e-auction of various properties concluded Monday (September 16).

Divulging the details, the Chief Minister said that the e-auctions which began on September 6, featured properties to the nature of group housing, multiplex, commercial chunks, residential plots, SCOs, booths, shops, SCFs and others. Hailing this huge success, he said that the Development Authorities operating under the Department of Housing and Urban Development had extended an opportunity to the people from all walks of the society to own their dream properties. Bhagwant Singh Mann further said that auction of these properties got a massive response by the general public especially by those who either wanted to own a residential plot or had plans to start a commercial establishment.

The Chief Minister further said that the result of the e-auctions had put a stamp on the investor friendly policies of the state government. He further said that every single penny received from the e-auctions shall be spent for carrying out development projects to provide state of the art amenities to the people. Bhagwant Singh Mann commended the efforts of all the officials involved in conducting the e-auctions adding that each and every one of them performed duty professionally and with responsibility to ensure that the whole auction process ran in a smooth and transparent manner.

The Chief Minister said that 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 that GLADA auctioned 32 properties, BDA was able to auction 23 properties, ADA and JDA found bidders for 34 and 22 properties respectively and PDA auctioned 17 properties.

Real Estate Boom: Punjab Govt collects around Rs 3K crore in a single day by auctioning properties. Bhagwant Singh Mann said that the successful bidders would be allotted the sites on depositing the 10% payment and possession would be handed over to them on payment of 25% of the total bid amount.