Chandigarh, June 30 -- The e-auction of residential freehold sites conducted by the UT estate office on Monday saw a tepid response, with only two out of 10 properties finding buyers. According to official data, bids were received for just two sites. A 250-sq-yard plot in Sector 15-B was auctioned for Rs.8.33 crore against a reserve price of Rs.8.23 crore, reflecting a marginal increase of around 1.21%. Another 500-sq-yard site in Sector 21 fetched Rs.18.88 crore against a reserve price of Rs.16.52 crore, about 14.25% higher. Together, the two properties generated Rs.27.21 crore-approximately Rs.2.45 crore above their combined reserve price. However, the remaining eight sites failed to attract any bidders and will now be put up for re-auction. The high reserve prices are said to be behind the dismal response. The base rates ranged from Rs.3.30 crore for 100-sq-yard plots to over Rs.16.5 crore for 500-sq-yard sites. Even mid-sized plots of around 198-sq yards were priced at approximately Rs.6.54 crore, while 250-sq-yard properties were listed at over Rs.8.23 crore. Such pricing effectively raises the entry barrier, restricting participation to a narrow segment of high-net-worth buyers. Real estate observers note that while premium sectors continue to draw some interest due to their location advantage, aggressively fixed reserve prices leave little room for competitive bidding. In several previous auctions across the tricity, a large number of properties had remained unsold, prompting authorities to revisit their pricing strategy. Kamal Gupta, a property dealer, said that reserve prices often do not align with prevailing market conditions, particularly for non-prime sectors, leading to repeated auction failures. Deputy commissioner Nishant Yadav said the unsold sites would be re-auctioned shortly. The estate office will examine the reasons behind the muted response, particularly the limited participation despite the offering of freehold residential sites. However, officials indicated that there is no immediate plan to revise the reserve prices for the upcoming re-auction. A reduction in base prices may be considered only if the properties fail to attract adequate bids even in a subsequent round. A total of 10 residential freehold sites across key sectors, including 15-B, 20, 21, 23, 27-D, 30-A, 37-A and 44-B, were put up for e-auction, with plot sizes ranging from 100 sq yards to over 500 sq yards....