Punjab Collects Rs 2,945 Cr via Land E-Auction

Chandigarh, Sep 17 (PTI) The Punjab government on Tuesday said different urban development authorities in the state collected Rs 2,945 crore through the e-auction of land parcels for residential and commercial projects.

The properties included group housing, multiplex, commercial land, residential plots, shops, and others, according to an official release.

In the official release, Chief Minister Bhagwant Mann said the e-auction got a massive response from the public especially by those who either wanted to own a residential plot or had plans to start a commercial establishment.

Mann said the result of the e-auctions put a stamp on the "investor friendly" policies of the state government.

Every single penny received from the e-auctions shall be spent on development projects, he added.

Mann said the successful bidders would be allotted the sites on depositing the 10 per cent payment and possession would be handed over to them on payment of 25 per cent of the total bid amount.