Punjab Urban Development Authority to conduct e-auction of SCOs

PUDA will provide the possession of the Shop-cum-Offices with 25 per cent payment of the total sale amount.

The Punjab Urban Development Authority (PUDA) will hold an e-auction of the sites for Shop-cum-Offices (SCOs) at Gateway City in Sector 119 from October 7. It will be the first major auction held by PUDA post lockdown.

For the 51 sites of SCOs that will be put on auction, PUDA has fixed the base price of each hop-cum-Office at Rs 28.06 lakh. The e-auction will start at 9 am on October 7 and end at 1 pm on October 22.

PUDA will provide the possession of the Shop-cum-Offices with 25 per cent payment of the total sale amount.

“After the lifting of lockdown, it will be a major auction held by PUDA. We are expecting good response from the market. We are also hopeful that all the sites will be auctioned,” an officer said.

He added that PUDA will give the property’s possession following the payment of 25 per cent of the total amount and the rest of the amount may be paid in installments.

The officer said, “It is a good offer for the buyers. We are hopeful that the scheme will win the confidence of buyers and they will invest in the project.”

A property consultant, Mahabir Singh Dhillon said that post lockdown it is a major auction being held by PUDA, but taking into consideration the stagnation in real estate market, it will not be easy for PUDA to auction all the sites.

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