Auction for premier hotel site in Panchkula on January 16

Express news service

The spokesperson also added that the hotel site was strategically located in the city centre along a 60-metre-wide road, adjacent to sites for multi-level parking and two shopping malls. “This is the biggest site of its category in the tricity. The permissible ground area is 30 per cent of the plot area. For the auction, the bidders will have to deposit an earnest money of Rs 5 crore to participate in the auction, 10 per cent of the bid amount on the spot at the fall of the hammer, 15 per cent within 30 days from the date of issue of allotment letter, and the remaining 75 per cent within 60 days in a lump sum or in eight half-yearly installments with 9 per cent interest will be required,” added the spokesperson.