CHANDIGARH, Sept. 13 -- The UT estate office has cancelled the allotment of one residential and one commercial site after the highest bidders failed to deposit 25% of the total bid amountwithin the mandatory 48 hours. The cancelled allotments include a 500 sq yard plot in Sector 19-B, which fetched Rs.22 crore, and a commercial booth in Sector 44, which was auctioned for Rs.2.25 crore. The auction, held on September 4, invited bids for 13 residential sites on a freehold basis and seven commercial sites on a leasehold basis. A total of 288 applicants submitted 587 bids. Eventually, 13 residential sites and two commercial sites were auctioned, generating a revenue of Rs.168.85 crore against the reserve price of Rs.75.29 crore. Of this, Rs.146.22 crore came from residential sites against a reserve price of Rs.59.93 crore, while Rs.22.63 crore was earned from the auction of two commercial sites against the reserve price of Rs.15.36 crore. Residential plots in Sectors 19-B, 33-C, 37-D, 40-A & D, 44-A & C, and 46-A attracted highly competitive bidding, with several sites selling for more than double the reserve price. The highest bid of Rs.33.41 crore was received for a 1,014 sq yard plot in Sector 33-Cagainst the reserve price of Rs.14.96 crore, marking a 123% increase. Three 503 sq yard plots in Sector 19-B also drew record bids of Rs.22.67 crore, Rs.22.22 crore, and Rs.22.01 crore-up to 205% higher than the reserve price of Rs.7.42 crore. Among commercial properties, an SCO in Sector 8-C was auctioned for Rs.22.37 crore against the reserve price of Rs.14.59 crore....