GLADA earns Rs 10.75 cr at auction

Estate officer Jeet Ram said,“Against the reserve price of Rs 7.19 crore,we earned Rs 10.75 crore. The bidders deposited 10% of the reserve price today. Another 15% will be deposited in a month and the rest 75% of the amount will have to be given in four years.”

The estate officer said the auction was for 10 plots in Sector 32,Chandigarh road. Out of these,five were of 250 square yards while the rest were of 400 square yards. The bidders had given good response and they were allured to buy properties in the approved areas.

Sources said a number of property dealers also become part of the auction just to increase the prices of the area by giving a higher bid,but later they don’t pay the rest amount. However,Ram said such people were not many.

After a decision by the state government to impose property tax,many investors were in panic as they were required to pay additional tax for every new property.