Punjab PSU to auction four commercial plots

The sources added that though there was a slump in the real estate market, Infotech wanted to test the waters before going for a big auction.

Written by Jagdeep Singh Deep | Mohali | Published:July 20, 2017 9:56 am

AFTER A gap of around six years and failed bids to sell property, Punjab Information and Communication Technology Corporation Limited (Infotech) seems ready to test the waters launching a scheme under which it will sell again by holding auctions for four commercial plots in different parts of the city. The applicants can apply till August 19. According to information, Infotech will put on sale a a 1,000 square yard plot at Phase VIII, 2,300 sq yd plot at Phase IX and two plots of 4,300 sq yd each at Sector 67.

Sources at Infotech said the scheme was launched after a gap of nearly six years. The sources added that though there was a slump in the real estate market, Infotech wanted to test the waters before going for a big auction. “In the past, Punjab Infotech had suffered huge losses as the subsequent auctions held in 2010 and and 2011 failed. In 2010, a total of 20 sites were put up for auction, but not a single site was sold, while in 2011, the auction was declared null and void as the buyer of an industrial plot withdrew his claim and approached the Punjab and Haryana High Court to take back his money,” added an official.

Explaining the 2011 controversy, an officer revealed that Punjab Infotech held an auction for a 1.52-acre industrial plot at Sector 67. The successful bidder, Nirankar Singh, first bought the plot before withdrawing later, saying that due to lack of development, he was not interested in buying it. Then, Nirankar asked Infotech to return his Rs 4.05 crore, which he had deposited after his successful bid. Later, the bid was declared null and void following which an internal inquiry was conducted by the concerned department. Punjab Infotech had even hired a private firm, Knight Frank India Pvt Ltd, as transaction adviser in 2010 to make the bids successful. But, also that company failed to generate any interest in buyers, following which questions were raised over its hiring. Punjab Infotech

Punjab Infotech was incorporated in 1976 for the promotion and growth of IT and electronics industry in the state. It undertakes a host of activities, including setting up industrial estates, IT and special economic zones, human resource development, promoting the state as a preferred investment destination and initiatives to monitor investments. The plots, put up for auction, are meant to set up IT industrial units.

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