Auction of commercial and residential property by the estate office, which was postponed last month, is now expected to be held only in the next financial year. Earlier, UT had planned to put plots in different parts of the city under the hammer in December.
UT was not very keen on having the auction as it had adequate funds for the current financial year and there were apprehensions that it would lead to unnecessary speculation in the real estate market. As many as six new restaurants with lodging facility were to be auctioned in Sector 43 shortly as estate office plans to auction back-to-back sites in the area on leasehold basis.The residential plots were of two kanal, one kanal and 10 marlas and the commercial sites were mostly booths and shop cum offices (SCOs).
Commercial auctions held by the estate office in the past have evoked lukewarm response and there had been a widespread demand that like residential plots, these too should be given on freehold basis.
Part of the Dream Weave Walk Network 1998-2012