Chandigarh Estate Office sells 8 sites for Rs 37.5 crore

Tribune News Service

Chandigarh, March 9

The UT Estate Office today earned a record revenue of Rs37.5 crore from the auction of eight residential sites on a freehold basis.

Against the reserve price of Rs18 crore for eight plots, the Estate Office fetched Rs37.5 crore with an increase of 108 per cent. The eight residential sites are located in Sector 33, 34, 35, 37 and 40. Sector 40 has three sites, Sector 37 two and the remaining sectors one each. The area range from 167.552 sq yard to 528.125 sq yard.

In the last auction held for residential sites in 2019, the Estate Office was able to dispose of all residential properties, but failed to attract buyers for the commercial and industrial sites. The department had earned a revenue of nearly Rs44 crore from the auction of 11 residential sites, whose total reserve price was nearly Rs27 crore.

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