Chandigarh, July 28 -- A muted response to the latest e-auction of residential freehold sites has pushed the UT administration to consider lowering reserve prices, after only two of the 10 properties on offer found buyers. The extent of the proposed reduction was not immediately known.

The auction, conducted by the estate office on June 29, saw bids for just two sites. A 250-sq-yard plot in Sector 15-B was sold for Rs.8.33 crore against a reserve price of Rs.8.23 crore, reflecting a marginal increase of 1.21%. Another 500-sq-yard plot in Sector 21 fetched Rs.18.88 crore, about 14.25% above its reserve price of Rs.16.52 crore.

In total, the two sites generated Rs.27.21 crore-around Rs.2.45 crore above their combined reserve price. Howeve...