Punjab urban development authorities raise Rs 2,945 cr from e-auction of land parcels

Urban development authorities in Punjab have raised Rs 2,945 crore through the e-auction of land parcels designated for residential and commercial projects, announced the Bhagwant Singh Mann government on Tuesday. These auctioned properties included group housing sites, multiplexes, commercial land, residential plots, shops, and other types of real estate, stated the government.

The state has achieved the milestone with the Punjab Urban Planning & Development Authority (PUDA) and other Regional Development Authorities collectively from the recent e-auction of various properties. The e-auctions, which commenced on September 6, included a diverse range of properties such as group housing, multiplexes, commercial plots, residential plots, SCOs, booths, shops, and SCFs.

Chief Minister Mann, in a statement released by the Punjab government, highlighted the overwhelming public response to the e-auction, particularly from individuals interested in acquiring residential plots or establishing commercial ventures. He stated that the successful outcome of the e-auctions underscored the state government's "investor-friendly" policies.

“Every single penny received from the e-auctions shall be spent on development projects,” noted Mann. Mann also detailed that successful bidders would receive site allotments upon depositing 10 percent of the bid amount, with possession granted after the payment of 25 percent of the total bid amount.