Property auction sets tone, earns UT Rs 10.56 crore

In what could provide the necessary fillip to the slump in the real estate market, the auction of seven Super Bazaar properties in the city fetched the UT Estate Office a whopping Rs 10.56 crore n Monday.

Among the seven properties that went under the hammer on Monday were two booths each in the Sector 7 market and Modern Housing complex, Manimajra, besides two plots in Industrial Area phase I. The auction was held following Punjab and Haryana High Court directions and was conducted through a committee chaired by retired high court Judge, Justice A L Bahri. An earlier auction of the properties in May 2012 was cancelled as the amount earned was deemed grossly inadequate.

As per the officials, plot number 377 in Industrial Area phase I was auctioned for Rs 5.2 crore on Monday while the same plot had fetched Rs 2.58 crore in May. Similarly, another plot , SCO 136-140, got Rs 3.18 crore during the auction while the same plot had fetched Rs 1.90 crore in the past.

Three booths in sector 7 market were auctioned for Rs 34.5 lakh, 32 lakh and Rs 39 lakh while in May these booths had fetched amounts varying between Rs 25-28 lakh each.

Two booths in Modern Housing Complex went under the hammer for Rs 52.5 lakh and Rs 55.5 lakh while the same booths had fetched Rs 42 lakh and Rs 36 lakh respectively in May.

Sources in the UT Estate Office said that Monday's auction was being viewed as a litmus test for the ensuing property auctions in the city, which are likely to be held in March.

In 2011, 9 properties of Super Bazaar, the city's first chain of retail stores, were auctioned for 15.48 crore. The auction - held on the directions of Punjab and Haryana High Court which directed an open auction of the properties through a committee chaired by retired high court Judge, Justice A L Bahri - witnessed a 64 square feet booth in Rehri Market Sector 19 fetching a whopping Rs 1.21 crore while another booth in the same market fetched Rs 96 lakh.

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