Punjab Earns Record-Breaking Rs 2060 Cr from E-Auction of Properties Under Urban Development Initiative

Development authorities in Punjab working under the Department of Housing and Urban Development of the state’s government have earned revenue of Rs 2060 Cr from the e-auction of various properties. The auctioned properties include group housing, petrol pumps, hotel sites, SCOs, booths, and industrial and residential plots under the jurisdiction of development authorities.

Housing and Urban Development Minister Hardeep Singh Mundia said that the credit for the success of e-auction goes to the transparent and investment-friendly policies of the State government led by Chief Minister Bhagwant Singh Mann. He said that two months ago, Rs. 3000 Cr was earned and now adding today's amount has earned a total of Rs 5000 Cr through e-auctions which proves that the public's confidence in the real estate sector is increasing due to the constructive urban development policies of the government.

S. Mundia said that the e-auction, which started on October 18, ended late yesterday evening. He said that the overwhelming response to the e-auctions conducted over one month is clear that the Chief Minister's efforts to bring investors to the state have been successful. He revealed that the auction process was completely transparent and those who either wanted a roof over their heads or wanted to run businesses, their wishes have been fulfilled.

Congratulating the successful bidders, the Minister said that the possession of the auctioned sites will be handed over to the bidders as per the scheduled time in the auction. The auctioned sites are located in Mohali, Amritsar, Patiala, Ludhiana, Bathinda and Sangrur.

S. Mundia, giving the details of the auction, said that a bid of Rs 31.16 Cr was received for the petrol pump site located at IT City Sector 83-A of Mohali. The group housing site of Sector 78 fetched a bid of Rs 163.87 Cr and the hotel site of Sector 78 itself was auctioned for Rs 33.47 Cr. Apart from this, 4 commercial sites of Sector 68, IT City, 5 industrial plots in Sector 101-A, SCOs, booths and 334 residential plots located in different sectors of Mohali were received as well.

The Housing and Urban Development Minister while divulging the details said that GMADA earned Rs 1894 Cr, GLADA Rs 61.75 Cr, BDA Rs. 16.08 Cr, PDA 59.62 Cr, JDA Rs 12.25 Cr and ADA earned Rs 16.30 Cr.