Section 3 in Pepsu Townships Development Board Disposal of Property Rules, 2003
3. Mode of selling sites and buildings.
- Section 42(2)(g) - The sites and buildings shall be sold by the Board through the Administrator, by public auction or through allotment. For public auction, the reserve price shall be determined by the Board in consultation with State Government from time to time keeping in view the market price of the buildings or sites as the case may be.(2)Before holding an auction, the Administrator, shall give a notice of fifteen days in Form 'A' in the manner as specified in sub-rule 3 to inform general public regarding the sale of such a property.(3)The notice shall be published by affixing a copy thereof at the office of the Administrator at such conspicuous places in the locality, in which the property to be sold, is situated, as the Administrator may think fit. The notice shall also be published in two of the newspapers having circulation in that locality.(4)Bidding - Offer shall be received subject to a reserve price and to the right of the Board through any of its agents or the auctioneer to bid up to or beyond such reserve price. The Administrator shall have the right to reject any bid or withdraw any property from auction without notice and without assigning any reason.(5)The property may be put up for auction in one lot or in such lots, as the Administrator, may, decide with the approval of the Board.(6)In case of sale by auction, the final bid, which is accepted by the Administrator, shall be subject to the approval of the Chairman who will accord the same within a period of sixty days.(7)If any dispute arise at the time of auction, the Administrator may take a decision, subject to the approval of the same by the Chairman, keeping in view the circumstances under which such a dispute arose. However, if there is a dispute regarding the acceptance of a bid by the Chairman, the Chairman may take an appropriate decision and inform the highest bidder accordingly. The decision of the Chairman in this regard, shall be final.
