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. "It's a market-driven process where prices depend on supply and demand at a particular point in time," said Surbhi Malik, managing director, PSIEC. This was the second auction of 500-square-yard plots since the policy's launch in 2019. As part of a larger initiative, PSIEC began auctioning 177 industrial plots from September 26 across Punjab, including locations such as Amritsar, Ludhiana, Mandi Gobindgarh, Kapurthala, and Pathankot. The plot sizes ranged from 500 square yards to 17 acres. Of these, 55 plots have been sold so far. Property expert Shalinder Anand, former president of the Mohali property consultants association, said the current trend indicates a market correction rather than aslump. "PSIEC and GMADA have been holding frequent auctions, and buyers now have more options," he said. These rates are even lower than private offerings, making it the right time for investors to buy." He further added that the FAR of 3 offered by PSIEC gives industries, especially IT setups, a significant edge....