Dhanas Land Auction: Estate Office Cuts Reserve Price by Crores

The Chandigarh Estate Office has slashed the reserve price for commercial booths in Dhanas by a significant margin, following two unsuccessful auction attempts. The initial target of Rs 8 crore has been drastically reduced to Rs 74 lakh.

This substantial price cut reflects the current market realities and aims to attract bidders for these prime properties. The move comes after two failed auctions, indicating a potential gap between expectations and market value.

Meanwhile, the Estate Office is also conducting auctions for nursing home sites in Sectors 46 and 51. These plots carry reserve prices of Rs 13.62 crore and Rs 18.72 crore respectively.

It is important to note that all properties being auctioned are leasehold, unlike the freehold options available in neighbouring cities. This difference in tenure could significantly impact buyer interest and final bids.

This development highlights the challenges faced by the Estate Office in balancing revenue generation with market realities. The outcome of these auctions will offer valuable insights into the current state of the Chandigarh real estate market and the effectiveness of revised pricing strategies. The success or failure will have implications for future land auctions and overall revenue projections for the city.