Auction of 7 commercial sites by PUDA fetches Rs 3.07 cr

LUDHIANA: The Punjab Urban Planning and Development Authority (PUDA), today sold seven commercial sites on the Old Jail Road through public auction for Rs 3.07 crore at a marginal premium of 10 per cent against their reserve price of Rs 2.80 crore.

PUDA Additional Chief Administrator Kuldeep Singh (second from right) conducts the auction of commercial sites in Ludhiana on Wednesday. Photo: Inderjeet Verma

Kuldip Bhatia

Ludhiana, April 15

The Punjab Urban Planning and Development Authority (PUDA), today sold seven commercial sites on the Old Jail Road through public auction for Rs 3.07 crore at a marginal premium of 10 per cent against their reserve price of Rs 2.80 crore.

Among the properties sold were a shop-cum-office (SCO) and six shops in the commercial complex developed at the Old Central Jail site near the Civil Hospital here.

There were a total of 16 bidders in the auction process — three for the SCOs and 13 for shops. The bidders paid a stipulated eligibility fee of Rs 3 lakh for SCOs and Rs 1 lakh for shops.

PUDA Additional Chief Administrator Kuldeep Singh, who conducted the auction proceedings with estate officers Jaswinder Nafra and Avikesh Gupta, said, “The SCO no. 6, having an area of 172.09 square metres in pocket-2 of the commercial complex, was sold at Rs 73,500 per square metre against its reserve price of Rs 70,422 per square metre.”

Similarly, six shops, each having an area of 27.87 square metre and a reserve price of Rs 95,100 per square metre, were sold at a highest bid of Rs 1,09,400 and lowest successful bid of Rs 1,06,800 per square metre.

PUDA had put up 25 commercial sites in the commercial complex for sale. These included four SCOs and 21 shops with a total reserve price of around Rs 10.72 crore. Due to the low number of bidders, three SCOs and 15 shops were not put on auction.

A successful bidder of the SCO was required to deposit five per cent of the bid amount, along with two per cent on account of Cancer and De-addiction Treatment Infrastructure Fund at the fall of hammer, and another 15 per cent within 60 days from the date of auction, while successful bidders of shops were to pay 10 per cent of the bid amount on the spot and another 15 per cent within 30 days.

The balance amount would become payable in five equated yearly instalments (four yearly instalments in case of shops), along with 12 per cent interest. In case of a lump sum payment of the balance amount, the allottees would be entitled to a rebate of 10 per cent.