GLADA e-auctions seven properties for ~3.86 crore

Kuldip Bhatia

Ludhiana, November 13

In what could be termed as a lukewarm response to the mega e-auction of properties by the Greater Ludhiana Area Development Authority (GLADA) which concluded on November 11, 2019, just seven properties – one residential plot, four booths and two shop-cum-offices (SCOs) — were sold for a little over Rs 3.86 crore at a marginal premium of 1.64 per cent. All the sold properties, put together carried a reserve price of around Rs 3.80 crore.

GLADA had made an offer for sale of seven residential plots and 80 commercial sites, including shops, booths, shop-cum-flats (SCFs) and shop-cum-offices (SCOs) with a total reserve price tag of almost Rs 95 crore through e-auction which had commenced on November 1.

According to GLADA officials, one residential plot with an area of 251 sqm in Dugri Phase II was sold at Rs 44,742 per sqm for a total value of Rs 1,12,30,242 against its reserve price of Rs 44,092 per sqm.

An SCO in Sector 39-A on Chandigarh Road with floor area of 75.87 sqm was sold at Rs 1,05,300 per sqm against its reserve price of Rs 1,05,000. The total sale price of the property was Rs 79,89,111.

Similarly, one booth in Sector 39, opposite Sacred Heart Convent School, was taken for Rs 1,20,831 per sqm against its reserve price of Rs 1,20,631 yielding Rs 22,93,372. Three booths in Dugri phase II, each with an area of 18.98 sqm and reserve price of Rs 1,53,868 per sqm, went for Rs 1,71,368 per sqm (highest) and Rs 1,54,268 per sqm (lowest successful bid).

GLADA had out on the block five residential plots in Dugri Phase III-A and two in Dugri Phase I, 10 SCOs in Sector 39-A on Chandigarh Road, one SCO in Dhandari Kalan Phase IV, five SCOs in Sector 38 on Ludhiana-Chandigarh Road, six SCOs in Urban Estate Dugri Phase II and III, five SCOs in Old Courts Complex, three SCOs on Old Jail Road – Pocket 1 and 2, seven SCOs in Old Rest House at Kohara and five SCFs in Sector 39, opposite Sacred Heart School, for sale in the e-auction.

In addition, seven booths in Sector 39, opposite Sacred Heart School, nine booths in Dugri Phase II, nine booths in Sector 38 on Ludhiana-Chandigarh Road, three booths in Dugri Phase II and III on Bypass Road, five shops each in Old Courts Complex and on Old Jail Road, near Civil Hospital, were also offered for sale.