Lockdown, recession hit GLADA e-auction

Of 64 properties put on the block, only one commercial site in Dugri sold for Rs11.88 crore

Lockdown, recession hit GLADA e-auction

A view of GLADA Office

Kuldip Bhatia

Ludhiana, September 24

Mega e-auction of 64 properties, including five residential plots, held by the Greater Ludhiana Area Development Authority (GLADA) turned out to be a damp squib as just one commercial site (cinema/multiplex) in Dugri, Phase II and III, was sold for Rs 11.88 crore. The site measuring 2007.43 sq mtr was sold at Rs 59,213 per sq mtr against its reserve price of Rs 58,053 per sq mtr at a premium of 1.99 per cent.

The process of e-auction was conducted from September 11 till 21 at 1 pm. The authority had offered for sale 59 commercial sites, including the cinema/multiplex site and five residential plots with a reserve price tag of about Rs 79.08 crore.

Other properties

Among other commercial properties put up for sale were five shop-cum-flats (SCFs) in Sector 39, opposite Sacred Heart Convent School, 24 booths (six in Dugri Phase II, nine in Sector 38 on Chandigarh Road, six in Sector 39, opposite Sacred Heart School and three in Dugri, Phase II and III, Bypass Road.

The properties put on the block included five residential plots in Urban Estate, Phase III-A, 24 SCOs (four in Sector 38 on Chandigarh Road, nine in Sector 39-A on Chandigarh Road, six in Dugri, Phase II and III, Bypass Road and five more in Old Courts Complex.

Among other commercial properties put up for sale were five shop-cum-flats (SCFs) in Sector 39, opposite Sacred Heart Convent School, 24 booths (six in Dugri Phase II, nine in Sector 38 on Chandigarh Road, six in Sector 39, opposite Sacred Heart School and three in Dugri Phase II and III, Bypass Road.

It was officially stated by GLADA officials that for other commercial sites and residential plots either no bids were offered or else bids were too low in comparison to reserve prices due to which the bids were rejected.

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