Jaipur: RIICO Wednesday cancelled the biddings of all seven plots earmarked for hotel projects at Daulatpura near Jaipur, even after the auction attracted bids of more than six times the reserve price.The auction had drawn strong investor interest, with bids for some plots reportedly touching around Rs 6,000 per sq metre against a reserve price of Rs 950 per sqm.The reasons for cancelling the auction were not immediately known. A technical glitch is among the possible reasons, given that technical issues have previously led to cancellation of RIICO auctions, but there was no official confirmation that this was the reason in the Daulatpura case.The cancellation is significant as the plots had attracted substantial interest on the last day despite being offered on a 33-year lease, shorter than the 99-year lease generally associated with commercial or industrial land.While the Daulatpura auction has been cancelled, bidding for hotel plots at other locations has been completed and the highest bidders are expected to be allotted the land, subject to the applicable process.The completed auctions cover 12 plots across Bhiwadi-II, Dausa, Rajsamand and Udaipur. These include one plot at Rabadka in Bhiwadi-II; five plots at the REIZ Industrial and Logistics Hub, Dausa-Bandikui; two at Tanaja ka Bansa in Rajsamand; and four at Mal Ki Toos and Pipad in Udaipur.
