The Punjab Government recently raised INR 2,945 crores through an online auction of residential and commercial properties across the state. The auction, covering various property types such as group housing, commercial land, shops, and multiplexes, was well-received by the public. Chief Minister Bhagwant Mann credited the success to the government's investor-friendly policies and confirmed that all proceeds will be reinvested into development initiatives. Approved bidders will be required to make a 10% deposit, with possession granted upon payment of 25% of the total bid value. The auction reflects strong public interest in both residential ownership and business opportunities.
The Punjab Government recently announced that various urban development authorities across the state collected INR 2,945 crores through an online auction of plots for residential and commercial properties. An official statement highlighted that the properties will be for various functions, such as group housing, commercial land, residential units, shops, and multiplexes.
Chief Minister for Punjab, Bhagwant Mann confirmed that the e-auction was very well received by the public, particularly those looking to own residential units as well as people aspiring to set up their own business. He stated that the response and results serve as confirmation of the government's 'investor friendly' policies, and that every single rupee raised through the auction will be directed towards the development initiative. The CM reported that the allotment of sites would be done for approved bidders after a 10% deposit on the payment, and possession would be granted after payment of 25% on the total bid value.
In conclusion, The Punjab Government's recent online auction successfully raised INR 2,945 crores for urban development, indicating strong public interest in residential and commercial properties. Chief Minister Bhagwant Mann emphasised the positive response as validation of the government's investor-friendly policies. All proceeds from the auction will be reinvested into development initiatives, and the property allotment process will require a 10% deposit from approved bidders, with possession granted after 25% of the total bid value is paid.
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