Punjab: PSIEC conducts state's first e-auction of residential plots in industrial estates

Punjab Small Industries and Export Corporation (PSIEC) has conducted the state's first ever e-auction of residential plots located in industrial focal points across Punjab, a senior official said.

"The auction witnessed a great response in industrial focal points like Chanalon (Kurali), Naya Nangal, Ludhiana, Pathankot, Patiala, and Bathinda. Investors have also evinced interest in other cities like Amritsar, Tanda and Goindwal Sahib," Punjab Industries and Commerce Minister Sunder Sham Arora said in a statement here on Sunday.

He said the state-owned entity had recently proceeded for allotment of residential plots in different focal points after a span of 15 years.

This would address the long-standing demand of industrialists to provide residential plots within industrial focal points, he said.

"Allotment of residential land through the mode of e-auction by PSIEC has brought more transparency in allocation of key government resources," Arora said.

The senior official emphasised that e-auctions bring in revenue maximisation, efficiency, and has provided a level playing field and fair play in allotment of residential properties in the state vis-a-vis the previous system of making allotments based on the fixed reserve price.

Vini Mahajan, Additional Chief Secretary, Department of Industries and Commerce, informed that PSIEC's first e-auction of residential plots was conducted on Punjab Urban Development Authority's portal from November 1 to November 29.

The auction saw applications from 320 bidders competing for 150 residential plots advertised across focal points located in Amritsar, Bathinda, Chanalon (Kurali), Goindwal Sahib, Malout, Naya Nangal, Patiala, Pathankot and Tanda.

Mahajan said PSIEC will soon venture into e-auctioning of petrol pump sites across Punjab for which modalities are being worked out.