Chandigarh: After receiving a tepid response to its residential property auction in June, the UT estate office is set to put 10 residential plots/properties under the hammer in October, including eight that failed to find buyers in the previous auction.The reserve prices will continue to be based on the existing collector rates, the same benchmark used for the June auction. The estate office is currently completing the non-encumbrance and other formalities for the properties, which are located in different residential areas of the city.A senior UT administration officer said the reserve prices cannot be reduced immediately merely because properties failed to sell in the previous auction.“The identified plots/properties will be auctioned on the basis of the existing collector rates, as was done in June. As per norms, the collector rates cannot be reduced in the second auction simply because the properties remained unsold. The reserve price will be fixed according to the collector rate applicable in the area concerned,” the officer said.In the June auction, the estate office had offered 10 residential plots/properties, but managed to sell only two. The remaining eight found no takers, with officials attributing the poor response, among other factors, to high reserve prices linked to the prevailing collector rates.The estate office has now decided to re-auction the eight unsold properties and add two fresh ones, taking the total to 10 again. Officials are hoping that the upcoming festive season will draw more bidders this time.Sources said the properties have already been identified and the exercise to establish that they are free from encumbrances is in its final stages. As clearances involve multiple departments, the estate office is coordinating with the agencies concerned to complete the process before the auction.“Like the previous auction, 10 residential plots/properties will be offered this time. The non-encumbrance exercise is almost complete and the department is preparing for the auction in October,” sources said.The estate office has also started the paperwork for issuing advertisements and giving wider publicity to the auction. Details of the properties, their reserve prices and other terms and conditions will be publicised once the formalities are completed.
