Crore-Rupee Auction Snag: UT Estate Office Cancels Allotments

The Chandigarh UT Estate Office took decisive action, cancelling the allotment of two prime properties following a high-profile auction. One was a residential plot worth Rs 22 crore, the other a commercial site valued at Rs 2.25 crore.

The cancellation stemmed from the winning bidders’ failure to meet the stipulated payment terms. They were required to deposit 25% of the total cost within 48 hours of the September 4th auction.

The auction itself was deemed a resounding success, exceeding expectations considerably. It generated a total of Rs 168.85 crore, significantly surpassing the reserve price of Rs 75.29 crore.

This incident highlights the stringent financial regulations governing property transactions in the UT. The Estate Office’s swift action serves as a clear message to prospective buyers, emphasizing the need for adherence to payment deadlines. This move also safeguards the interests of the UT administration and ensures transparency in land dealings. The incident raises concerns about the financial preparedness of some high-value bidders.

Karanveer Sharma

A dedicated journalist and legal expert with a passion for uncovering the truth and advocating for justice. With hands-on experience in investigative journalism, legal research, and case analysis, I possess a strong ability to break down complex legal and societal issues into clear, impactful narratives. My work is driven by a commitment to transparency, integrity, and empowering people with accurate, insightful information.