(1) The reserve sale price residential/ commercial plots/properties, and Institutional sites shall be fixed by the Price and Rent Fixation Committee under section 7 of the Principal Act for every financial year as provided in Rule 11. The Reserve price fixed by the Committee will be approved from the Government:
Provided that the said price, shall be revised every financial year by the Price and Rent Fixation Committee:
Provided further that if the plots could not be sold in two consecutive auctions (at a gap of not less than forty-five days), the reserve sale price can be reduced upto twenty five percent on the recommendation of the Price and Rent Fixation Committee, with the approval of the State Government:
Provided further that if the said plots could not be sold even with the reduced price, the reserve sale price may be further reduced upto fifteen percent on the recommendation of the Price and Rent Fixation Committee, with the approval of the State Government:
Provided further that reserve sale price fixed by Price and Rent Fixation Committee shall in no case be less than the collector rate and should be commensurate with the market value prevailing at the relevant time:
Provided that in case of property Allotted through draw of lots the Allottee shall be bound to pay enhancement in compensation announced by the competent court, regarding which Municipality will intimate the Allottee. This condition has to be incorporated in the allotment/LOI.
(2) The reserve sale price of a multi-storeyed houses/flats, shall be determined by the Price and Rent Fixation Committee, keeping in view the cost incurred thereon and the reserve sale price of the land.
Section 7 PUNJAB GOVT. GAZ. (EXTRA), OCTOBER 26, 2021 (KRTK 4, 1943 SAKA) 2651