Tata bags 5-acre commercial land in PUDA auction

Written by Swarleen Kaur | Chandigarh , Aug 28 | Updated: Aug 30 2008, 05:13am hrs
Tata group bagged the possession of commercial property of 5.54 acres in the heart of Amritsar by shelling out Rs 180 crore against the reserve price of Rs 164 crore at an auction held by Punjab Urban Development Authority (PUDA) on Tuesday.

PUDA which had fixed a price of Rs 60,000 per square ft for the site earned Rs 67,000 per square ft. The land will be used for constructing multiplex, shopping mall and wedding palace. Citing the reasons behind fetching a better price from the auction, chief administrator, PUDA Som Parkash told FE, We received the good price for the site because it adjoins the upcoming 22 storeyed five star hotel being built by an international chain of luxury hotels. Ponty Chadha group, Jalandhar based Chopra group and Delhi based firm were also there among the bidders.

Talking about the forthcoming auction he said, Another big auction will be held in Ludhiana on September 5 for a property of 3. 64 acres. We have kept a reserve price of Rs 1, 00,000 per square yard for this site. The land can be used for multiplex, shopping mall or any other commercial activity. We are expecting to get a good price even for this site as it is centrally located in this industrial town. Apart from this, three sites will auctioned in Patiala on September 11 for which the reserve price has been fixed at Rs 3635 per square yard.

The money earned by PUDA by auctioning properties gets deposited to an empowered committee managed by the chief secretary of Punjab.