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BDA has announced e-auctions at various locations. There appears to be a considerable reduction in the minimum bid prices at all locations. Am I correct?

Yes. You are correct in your observation.
The reserve price set by BDA have definitely come down by about Rs. 1000 - 1500 per square feet over a period of 2 years.
Sure indication of demand looking dull. Definitely a good opportunity for genuine buyers.

If the response for the earlier auctions had been good and actual bid prices were more than twice the minimum bid prices as some posts here suggested, BDA would not have reduced the same now. Evidently many sites would have gone without any bids. That is why BDA reduces minimum bid prices.

Regards