report, is Rs. 84,86,993/- (Page 29). This valuation reflects the property’s estimated worth under normal market conditions. However, it is crucial to note that forced sales often occur under distressed circumstances, where the urgency to sell can lead to a lower reserve price being set to attract potential buyers. The reserve price of Rs. 70,00,000/- is a strategic figure set by the respondent after considering multiple factors, including the fact that this is the third auction attempt for the property. It is common practice to lower the reserve price in subsequent auction attempts to increase the likelihood of a successful sale, especially in the case of properties that have not sold in prior attempts. The respondent has clarified that the property has been put up for sale twice before without finding a buyer. Therefore, the reduction in the reserve price is in line with standard auction practices, aiming to facilitate a quicker sale by adjusting to market conditions and buyer interest. Given that the property is being sold in a forced sale situation, the reserve price is intentionally set lower to encourage bidding. This approach is not unusual and does not indicate an undervaluation of the property. The respondent's position that the reserve price has been adjusted for the third sale attempt is both reasonable and justifiable in this context.
