Mohali, Nov. 6 -- A 500-square-yard plot in Phase 8-B, which fetched a record Rs.8.5 crore in June this year, saw a sharp fall to Rs.4.5 crore in the auction conducted by the Punjab Small Industries and Export Corporation (PSIEC) on Tuesday evening, against a reserve price of Rs.1.95 crore.

A total of 26 plots of similar size were auctioned, all sold on a 99-year leasehold basis, with the corner plot fetching the highest price of Rs.5.5 crore against a reserve of Rs.2.10 crore. Most other plots sold in the range of Rs.5 crore.

In the June auction, 15 plots of the same size in Phase 8-B were offered, each with a reserve price of Rs.1.95 crore. The highest bid then had touched Rs.8.5 crore, while most plots fetched around Rs.7 crore.

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