Last week during auction of two commercial sites at Ajnala Road, Amritsar, fetched Rs 272.08 crore against the reserve price of Rs 94.53 crore. The site for multiplex measuring 3.73 acre was purchased by M/s Rocky Farms Private Limited, a company owned by the Reliance Group of Industries, at a price of Rs 1.05 lakh per square yard against a reserve price of Rs 30,000 per square yard, at a total price of Rs 190.009 crore.

The other site for shopping plaza measuring 2.78 acre was purchased by Life Insurance Corporation of India for Rs 82.07 crore at the rate of Rs 61,000 per square yard against the reserve price of Rs 30,000 per square yard.

The present market rate of commercial property is between Rs 70,000 and Rs 80,000 per square yard across the state. Chief Administrator, PUDA, Som Parkash said main attraction for the bidders has been the building controls offered by these sites. He said the sites offered maximum floor area ratio (FAR), height and ground coverage. In view of the rapid commercial and industrial development taking place in the region, Amritsar has become a prominent destination for real estate investors. A total of 13 companies took part in the auction. Besides the successful ones, other major bidders included Alchemist Reality, Chandigarh; AB Motions, Ludhiana; Malhotra Land Developers, Ludhiana and Tiwari Gangahar, Amritsar.

Meanwhile, for the February 8 auction of 9.6-acre commercial site in Phase X, Mohali, the reserve price has been fixed at Rs 460 crore, which translates into Rs 1 lakh per square yard.

The PUDA officials have gone to Delhi and Mumbai to talk to big ticket real estate companies.