Punjab’s real estate market witnessed a significant boost as the state’s development authorities collectively amassed a staggering Rs 2,945 crore in a single day from an e-auction of various properties. The auction, held on September 16 (Monday), is being hailed as a testament to its investor-friendly policies by the government, which has been actively promoting development and creating opportunities for citizens.

The e-auctions, which began on September 6, featured a wide range of properties including group housing, multiplexes, commercial chunks, residential plots, and small commercial establishments like booths and shops. The Punjab Urban Planning and Development Authority (PUDA) and several regional authorities, such as Greater Mohali Area Development Authority (GMADA), Ludhiana, and Bathinda Development Authorities (BDA), facilitated the auction, which saw enthusiastic participation from individuals and businesses alike.

Chief Minister Bhagwant Mann praised the public’s overwhelming response and highlighted the government’s efforts in creating an investor-friendly environment. “The massive turnout for these auctions reflects the people's faith in our pro-development policies. Every penny generated from these auctions will be reinvested into infrastructure projects to further improve the quality of life in Punjab,” Mann said.

The auction results were particularly impressive, with GMADA alone contributing Rs 2,505 crore to the state's coffers by successfully auctioning two commercial chunks of Sector 62 — one each situated in Eco City-1 and Aerocity; three group housing sites located in Sector 66, Ecocity-2, and Medicity respectively; besides 16 SCOs and 12 booths situated in different sectors of Mohali.

PUDA, which conducted the sale of 162 optimum Utilization of Vacant Government Lands (OUVGL) properties, earned Rs 224 crore; while GLADA brought in Rs 108 crore by auctioning 32 properties. The remaining revenue came from BDA, ADA, PDA, and JDA, all of which successfully auctioned several plots.

As per information shared, BDA was able to auction 23 properties, ADA and JDA found bidders for 34 and 22 properties respectively and PDA auctioned 17 properties. Mann said that the successful bidders would be allotted the sites on depositing the 10 percent payment and possession would be handed over to them on payment of 25 percent of the total bid amount.

Officials lauded the smooth and transparent auction process, attributing its success to the professionalism and dedication of the staff involved. These properties are expected to attract further investment and spur economic growth in the region.