A one-kanal plot in Sector 40 here fetched Rs 4.55 crore in the first phase of the auction that concluded today. While the UT Administration received an overwhelming response for residential properties, it failed to attract bidders for commercial and industrial plots. There were 10 residential sites up for grabs in the first phase of the auction, held by the UT Estate Office after a decade. The reserve price for the one-kanal plot was fixed at Rs 3.71 crore. In the auction, a 10-marla plot in Sector 40 was sold for Rs 2.95 crore. A five-marla plot in Sector 32 was auctioned for Rs 1.77 crore. A 14-marla plot in Sector 37 was sold for Rs 3.88 crore. The Estate Office had decided to auction 43 residential and 30 commercial sites in a phased manner. Three sites for nursing homes and an industrial plot are also up for grabs. Mandip Singh Brar, Deputy Commissioner-cum-Estate officer, said the second phase of the auction would be held soon. The reserve price has been fixed as per the prevailing collector rates. Among all commercial properties, the Estate Office could sell only one booth. Kamaljit Singh Panchhi, chairman, Property Consultant Association, said the Estate Office failed to get the desired response for commercial properties as these were offered on a leasehold basis, that too at the collector rates, which was very high.The last auction of properties was held in 2009. A one-kanal plot was auctioned for Rs 4.06 crore.

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