Calculating the forthcoming auction’s reserve price on the formula of “enhancing the reserve price by 5 per cent more than the last auction’s average price of total auctioned sites”, the UT Finance Department has already given tentative figures of the reserve price to the UT Administrator for his approval. The approval is expected in the coming week.

In the small category, four four-marla plots will be auctioned in Sector 42-B; two five-marla plots in Sector 38-D and nine one-kanal plots in Sector 32-D; Sector 38-C; Sector 40-B, 44-A and 46-A. There are only two two-kanal plots in Sector 33-B that will be put up for auction. Six 14-marla plots in Sector 37-A and 40-B will also be put up on auction apart from ten 10-marla plots in Sectors 37 and 40.

“The file with the tentative reserve prices has been sent to the Administrator for his nod. The enhancement is definitely there, but it is subject to the prevailing market rates and the average of the last auction,” said a senior UT Administration official.

Reserve price doubles in four years

* While the UT Estate Office had auctioned the residential sites in 2004 at an average selling price of Rs 25,719 per square yard, this time the tentative reserve price is expected to be more than Rs 53,000 per square yard.

* In the commercial-site segment, the reserve price in 2004 auction was Rs 1.17 lakh per square yard. The forthcoming auction on October 23 is expected to have a tentative reserve price of Rs 3.05 lakh per square yard.

... contd.