Auctions
10. RESERVE PRICE:
There shall be a reserve price which is strictly confidential. If after the completion of the
bidding process it is found that the highest bid is less than the reserve price, the entire
auction shall be cancelled.
LSTARTING PRICE:
There shall be a ‘Starting Price’ for auction which will appear on the e -auction portal at the
time of auction. Bidders are required to quote bids for the value of entire plot in INR Lakh
above the starting price. The starting price has been fixed as Rs.10 Crore.
However, starting price shall not be interpreted as the reserve price of the land. The
reserve price of the land shall be confidential so that the auction does not get
influenced by the reserve price. The starting price is the minimum amount from which
the bidding shall start and have no other significance apart from being the starting
point of auction.
1 2.AUCTION PROCESS:
REGISTRATION OF BIDDERS
E -APPLICATION FOR INIVIDUAL AUCTION & UPLOADING OF SCANNED
COPIES OF DOCUMENTS.
SUBMISSION OF HARD COPIES AT AUTHORITY’S OFFICE.
APPROVAL FROM AUTHORITY.
LIVE e -AUCTION.
EVALUATION OF AUCTION PROCESS.
12.1 Registration of Bidders: To participate in the e -bid submission, it is
mandatory for the Bidders to make one time enrolment (register on the
website) on the e -Auction portal at vvww.eauction.govin . Bidders shall require
Class III Digital Signature Certificate (DSC) with Signing Certificates to
participate in this e -auction. The bidder shall have to set the parameters of his
computers so that the DSC is operational.
12.2 E -Application for Individual Auction & uploading of scanned copies of
documents: Intending bidders who have registered at the e -auction portal as
mentioned above have to apply online against respective serial number (i.e.
respective plot) by filling up the form that will be available at the concerned
webpage and following scanned documents need to be uploaded. There is no
bar in participation of more than one plot.:-
(i) Scanned copy in pdf format of duly filled up application format available
with this Bid Document.
(ii) Scanned copies in pdf format in support of eligibility as mentioned in para-6 herein
above.
(iii) Scanned copy in pdf format of Demand Drafts related to Security Deposit
and auction processing fee.
(iv) Scanned copy of PAN card issued by Income Tax Department of India.
In Case of Partnership firm, scanned authorization letter of the partner and
scanned copy of certificate of registration of the Partnership firm need to be
uploaded in addition to abovementioned documents.
12.3 Submission of Hard copies at Authority’s office: Hard copies of documents
as mentioned in (i) to (vi) at clause 12.2 must reach the office of the ADDA,
Durgapur within 15-12-2014 by 5.00 pm. The date 8z time is not relaxable on
plea of postal or courier delay or on any other excuse. All the documents along
with the drafts should be put in an envelope with the clear marking (super
scribing) as Submission of Application for e -Auction of Plots mentioning the
auction number [as mentioned in the 2nd column of the table 2(i) of this
auction document] on the envelope.
12.4 Approval from authority: On submission of the online application and after
submission of hard copies of documents as mentioned in clause 12.3 above
within specified date & time, authority will verify whether eligibility criteria
has been fulfilled and all specified documents, security deposit and auction
processing fee are duly & properly submitted and thereafter approval to
participate in the online auction will be issued.
12.5 Live -e -auction -Bidding Methodology: On the date of auction i.e. on 17-12-
2014 at 11.00 am, auction will start simultaneously against all plots accessible
by separate web windows. Approved applicants will be eligible to participate
simultaneously against all auctions against which they got approval. At the
beginning of e -auction, a starting price shall appear. The increment value shall
be more than Rs.10 lakhs. Hence the next bid has to be more than Rs. 10 lakhs
of the previous bidding price, however, to a maximum limit of double the
previous bid price.
Illustration.: Say for example, the previous bid price is Rs. 10,30,00,000/- The next
bid should be within the range from Rs. 10,40,00,001/- to Rs.20,60,00,000/-. Now V.
the bid price goes up to Rs. 15,50,00,000/- the follow up bid will have to be in the
rangefrom Rs. 15,60,00,001/- to Rs.3 1,00,00,000A
Bid will be closed at 3.00 (three) pm. However, if there is any bid within 10
minutes of the closing time then the closing time shall automatically be
extended by the system by 10 minutes and shall continue to extend till there is
no bid within last 10 minutes of the closing time.
12.6 Evaluation of the auction: After completion of bidding, if it is found that the
highest bid is more than or equal to the reserve price, the plot will be allotted
to the highest bidder.
