PSIEC executes first ever e-auction of Residential Plots

Chandigarh, December 1, 2019 (Yes Punjab News)

Government of Punjab, under the dynamic leadership of Capt. Amarinder Singh heralded a new era of transparency in allotment of residential plots located in Focal Points across the State of Punjab by successfully executing the first ever e-auction of residential plots by Punjab Small Industries and Export Corporation (PSIEC).

The auction witnessed a great response in Industrial Pocal Points like Chanalon (Kurali), Naya Nangal, Ludhiana Pathankot, Patiala, and Bathinda. Investors have also evinced interest in other cities like Amritsar, Tanda and Goindwal Sahib.

Mr. Sunder Sham Arora, Industries and Commerce Minister, Govt. of Punjab stated that PSIEC has proceeded for allotment of residential plots in different Focal Points after a span of 15 years to address the long-standing demand of industrialists to provide residential plots within Industrial Focal Points.

He added that the overwhelming response, especially in smaller cities are indicative of the resurgence being witnessed in the State. Allotment of residential land through the mode of e-auction by PSIEC has brought even more transparency in allocation of key government resources.

Mr. Arora further emphasized that e-auction shall bring in revenue maximization, efficiency, and has provided a level playing field and fair play in allotment of residential properties in the State vis-à-vis the previous system of making allotment on the fixed reserve price.

Ms. Vini Mahajan, Addl. Chief Secretary, Deptt. of Industries and Commerce, Govt. of Punjab, informed that PSIEC’s first e-auction of residential plots was conducted on PUDA’s portal from 01.11.2019 to 29.11.2019.

Auction saw applications from 320 bidders competing for 150 residential plots advertised across Focal Points located in Amritsar, Bathinda, Chanalon (Kurali), Goindwal Sahib, Malout, Naya Nangal, Patiala, Pathankot and Tanda. At the end of the first auction, 70 plots shall be allotted to highest bidders. It will result in revenue close to Rs. 1,200 lakh for the State.

All successful bidders shall be informed through SMS/ Email regarding acceptance of their bids and shall have to deposit balance 10% (plus 2% cancer cess) of the bid amount within 3 days. Successful bidders shall be issued allotment letters after payment of 10% (plus 2% cancer cess) of the bid amount.

Down Payment of 30% of cost of plot shall be payable within 30 days of issuance of allotment letter. Balance 60% of bid amount shall be payable in 6 half-yearly equated installments alongwith applicable interest. Allottees may also avail a rebate of 10% on balance 60% of bid amount in case balance 60% is paid in lumpsum (without interest).

Ms. Mahajan also informed that PSIEC shall soon be venturing in the e-auction of Petrol Pump sites in different parts of the state and modalities are being worked out for this purpose.