Punjab Small Industries Corporation

PSICEM E-Auction

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Terms and Conditions for E-Auction

  1. No person shall be allowed to participate in the auction unless he has deposited an earnest money amounting to Rs. 3 lac (for the properties with reserve price less than Rs. 50 Million) and Rs. 1.000 Million (for the properties with reserve price more than Rs. 50 Million).
  2. Upon closure of the bidding process, the e-auction system shall display the name of the highest bidder along with the bid amount offered.
  3. The successful bidder shall within 24 hours of the close of E-Auction, make payment of one fourth of the price offered by him in respect of the auctioned property, inclusive of earnest money through online banking / digital payment. In case he fails to make payment within the prescribed time the bid shall stand cancelled and earnest money already deposited by him may be forfeited.
  4. The balance amount of the accepted bid shall be deposited by the successful bidder within (03) three months through online banking / digital payment in favor of Punjab Small Industries Corporation. In case, he fails to make the payment within the prescribed period, the bid shall stand cancelled and one fourth (1/4) of the deposited amount under condition No. 3 may be forfeited.
  5. In case property outside PSIC SIEs, the successful bidder (hereinafter referred to as the intending purchaser which shall include the legal heirs or whom his rights have accrued in case of his death) within (06) six weeks of the full payment, shall execute an agreement for sale and have it registered at his own expense. The Regional Director concerned will execute sale deed on behalf of Punjab Small Industries Corporation after the approval of Managing Director.
  6. In case property inside PSIC SIEs, Regional Director concerned shall issue final allotment letter to the successful bidder (hereinafter referred to as the intending purchaser which term shall include the legal heirs or whom his right have accrued in case of his death) after the approval of Managing Director, within two weeks of the full payment of plot/property.
  7. A bonafide error in the identity or description of the plot/property shall not itself result in annulment of auction.
  8. If the area of the plot/property is found more or less than the area advertised at the time of possession, the total price of the plot shall be increased or decreased in accordance with the bid rates.
  9. The provisions of PSIC Small Industrial Estates Policy 2023 shall be applicable to the successful bidder/allottee.
  10. The PSIC reserve the rights to reject the bid/auction proceeding without any reason. In case of rejection, the earnest money/ bid amount deposited by the bidders shall be returned immediately.