Highest bidder of land auction backs out

Rajiv Tulli,who had made the highest bid of Rs 1.4 crore for a 5-marla plot in Sector 32 in an auction held by UT Estate Office on Wednesday...

Rajiv Tulli,who had made the highest bid of Rs 1.4 crore for a 5-marla plot (125 sq yards) in Sector 32 in an auction held by UT Estate Office on Wednesday,backed out from his bid yesterday,expressing his inability to deposit the amount in the required 90 days.

According to officials,they forfeited the Rs 2 lakh earnest money deposited by Tulli,who looks after the Chandigarh Lake Club as general manager,for participating in the auction,as he had failed to deposit the requisite 25 per cent of the amount at the fall of hammer.

The money,according to the rules,has to be deposited immediately on the fall of hammer through a demand draft,failing which the earnest money is liable to be forfeited.

The Rs 1.4 crore bid for the 5-marla plot had raised everybodys eyebrows and property dealers had started jacking up the real estate market prices.

Tulli claimed he was hoping to get some financial aid from his friends settled abroad and in other parts of the country,but since he could not arrange the money in the stipulated time,he decided to back out.

TR Tulli,his father,said,Rajiv has called the bid on behalf of his friend based in London,who later backed out. There was no way he could have purchased this plot and he surrendered his bid.

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