GLADA offers 93 freehold plots through draw of lots

Our Correspondent
Ludhiana, June 28

The Greater Ludhiana Area Development Authority (GLADA) has made an offer for allotment of 82 freehold residential plots and another 11 plots for economically weaker sections (EWS) in GLADA Estate on 80-Foot Sua Road (behind Keys Hotel) to be allotted through draw of lots. At the same time, nine commercial sites for shop-cum-offices (SCO) would also be sold in the same colony through e-auction to be held from July 20 at 9 am to August 5 till 1 pm.

Officials said 82 residential plots, 68 with floor area up to 100 square yards and 14 plots with area ranging between 100-125 square yards, would be allotted to eligible applicants at the rate of Rs 29,000 per square yard. Besides, 11 residential plots with area up to 100 square yards each would be available for allotment to EWS applicants at a reduced rate of Rs 26,100 per square yard.

EWS applicants to get 11 plots at reduced rate

Officials said 82 residential plots, 68 with floor area up to 100 square yards and 14 plots with area ranging between 100-125 square yards, would be allotted to eligible applicants at the rate of Rs29,000 per square yard. Besides, 11 residential plots with area up to 100 square yards each would be available for allotment to EWS applicants at a reduced rate of Rs26,100 per square yard.

Applications for allotment of residential plots (through draw of lots) would be accepted from July 3 to August 5 and the applicants would have to deposit 10 per cent of the total cost of plot with the application while the successful allottees would have to deposit 15 per cent of the cost of plot along with 2 per cent cancer cess within 30 days of the issuance of allotment letter.

As per the offer document, the balance 75 per cent could be either deposited in lump sum within 60 days from the date of allotment with a rebate of 5 per cent on the balance payment or else in six equal half-yearly instalments with 9 per cent interest. The first instalment would be due after six months of the date of issuance of allotment letter.

Commercial sites

The Greater Ludhiana Area Development Authority would sell an SCO site (corner) with floor area of 171.81 square yards and eight other SCO sites with floor area of 138 square yards each at a reserve price of Rs 67,000 per square yard (total cost Rs 1,49,47,470 for the corner SCO and Rs 1,20,06,000 for others). Intending bidders would have to deposit an eligibility fee of Rs 3 lakh.

The successful bidders for SCO sites would be required to deposit 10 per cent of the total bid amount (after adjustment of eligibility fee) at the conclusion of auction and 15 per cent along with 2 per cent cancer cess within 30 days of the issuance of allotment letter. The balance 75 per cent could either be paid in lump sum within 60 days of allotment with 7.5 per cent rebate on the balance amount or in eight equal half-yearly instalments with 9 per cent compound interest with first instalment becoming due after six months of the date of allotment.

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