Now, apply for plots, SCOs in Glada Estate by Oct 13

Our Correspondent

Ludhiana, September 21

The Greater Ludhiana Area Development Authority (GLADA) has once again extended the date for submission of applications for allotment of 30 residential plots and sale of five shop-cum-offices (SCOs) in its under-development colony – Glada Estate on 80-feet-wide Sua Road (behind Keys Hotel) here. The intending buyers of residential plots can now submit their applications till October 13, 2021, while bids for the SCOs would be accepted from eligible bidders till 1 pm on the same date.

From among the residential plots being offered for allotment, 25 plots, measuring 100 square yards each, would be free hold with a reserve price of Rs 29,000 per sq yd, whereas five plots of the same size are reserved for economically weaker section (EWS) applicants who would get these plots at Rs 26,100 per sq yd.

Five SCOs to be sold through e-auction have a floor area of 138 square yards each and carry a floor price of Rs 87,000 per square yard.

GLADA had launched this residential-cum-commercial scheme with much fanfare in June last year but contrary to its expectations, buyers did not evince much interest in residential plots and commercial sites in the much-touted new colony. Even after having made four offers for sale of plots and SCOs in June last year and then again in March, April and July this year just 121 residential plots and seven SCOs could be sold.

GLADA apparently seemed to be desperate to sell the remaining residential plots and SCOs, and understandably so, because the colony was conceived as a self-financing scheme and not so enthusiastic response from the buyers is now draining GLADA resources in terms of carrying out internal development works in the colony.

As per offer document, the applicants for residential plots would have to pay 10 per cent of the total cost of plot as earnest money with the application, while the eligibility fee for participating in the e-auction of SCOs has been fixed at Rs 3 lakh.

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