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At Rs 40 crore per acre reserve price, panchayat land in Mohali fails to attract bidders
The 43 kanal and 3 marla land parcels had a reserve price of approximately Rs 40 crore per acre.
an auction was also proposed in June last year with a reserve price of Rs 20 crore per acre, but that too was cancelled at the last moment. (Source: File/ Representational)
The proposed open auction of the much-discussed panchayat land in Daidi village could not take place on Thursday as no bidder submitted the mandatory demand draft.
The 43 kanal and 3 marla land parcels had a reserve price of approximately Rs 40 crore per acre. However, since no bidder deposited the required amount, the auction scheduled at 11 am at the Deputy Commissioner’s office was effectively cancelled.
The administration had issued a public notice on February 10, mandating that participants deposit 25 per cent of the reserve price (around Rs 50 crore) through a demand draft within the stipulated deadline. As no individual or group complied, the auction process could not proceed.
The land is being described as the most expensive panchayat land in the region so far. Notably, an auction was also proposed in June last year with a reserve price of Rs 20 crore per acre, but that too was cancelled at the last moment.
Mayor Amarjit Singh Jeeti Sidhu said that doubling the reserve price within seven months was difficult to comprehend. He stated that no real estate group would show interest at such a high rate. He alleged that cancelling the previous auction and then increasing the price was an impractical decision.
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