No buyers for residential plots, commercial sites in new colony

Kuldip Bhatia
Ludhiana, April 30

The Greater Ludhiana Area Development Authority (GLADA) has once again come a cropper when it comes to finding buyers for its much touted Glada Estate Colony on Sua Road (near Keys Hotel) is concerned. Even after extending date for submission of applications for 50 residential plots and sale of five commercial sites (SCOs) through e-auction till April 27, 2021, only 10 applications were received for plots while just two SCOs were sold.

According to GLADA officials, in response to the latest offer, 10 applications (all under general category), including seven for plots measuring 100 sqyds and three for 125 sqyds, were. Not even a single application was received for the nine plots reserved for economically weaker sections (EWS).

Similarly, out of five SCOs put up for sale in the e-auction, which concluded on April 27, just two were sold while no bids were offered for the remaining three SCO sites.

Glada Estate was launched in June last year with high hopes of attracting buyers, but even after an year at least three offers made for allotment of residential plots and sale of commercial sites through e-auctions had received a tepid response from buyers.

In the draw of lots on March 1, 2021, only 17 plots were allotted to 19 applicants (under the general category) against the offer for 70 plots. Of the nine plots reserved for the EWS, no application was received.

Likewise, the offer for the sale of SCOs had also failed to evoke a positive response as only four SCO’s out of the total nine were sold. According to offer documents, the residential plots carried a reserve price of Rs29,000 and Rs26,100 per square yard for the general and EWS categories, respectively, while the SCOs had a floor price of Rs87,000 per sqyd (total reserve price of Rs1,20,06,000 each).

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