Section 8(4) in The Rajasthan Colonisation (Sale and Allotment of Land in Mandis in the Bhakra and Indira Gandhi Canal Projects Colony Areas) Conditions, 1973
(4)No bid lower than the reserve price shall be accepted. In case for a plot there is no bidder for or over the reserve price and [Auction Committee] [Substituted by Notification No. F. 4(29) Revenue/Col/79, dated 27.09.1980-Rajasthan Gazette, Part IV-(C), dated 16.10.1980, page 199.] considers that the reserve price needs down-ward revision, he may recommend to the State Government for the same through the Committee and the State Government may do so. Thereafter, the revised price shall be reserve price of the plot.
