Prime land vacant for years in Ludhiana, GLADA mulls cutting reserve price for auctions
An official said the department was keen to make use of these empty sites in Ludhiana
With no takers for many prime properties for the past five to 10 years, the Greater Ludhiana Area Development Authority (GLADA) is in the process of auctioning five major assets by decreasing reserve prices.
Confirming the development, Vikas Hira, Officiating Chief Administrator, GLADA, said the properties in question had been lying vacant for years. “There is a proposal to re-auction these properties at lesser reserve prices, but all the decisions will be taken at higher levels,” added Hira.
These properties include 8.1 acre of land opposite the Deputy Commissioner’s office. The land currently with the Irrigation Department is to be sold as a mixed land use chunk. In 2014, its reserve price was kept at Rs 415.71 crore. In the second auction in 2022, the rate was decreased slightly to Rs 414 crore.
Another commercial site near the Wave Mall, an acre of land, had a reserve price of approximately Rs 75 crore in 2012. Its reserve price was slashed to Rs 58.89 crore in 2018. However, it failed to find any buyers.
The third property is an institution site in Dugri Phase II. Its price was kept at Rs 8.4 crore in 2019, but no buyers came forward.
The remaining two commercial sites, located in the PWD colony, also failed to attract any bidders despite multiple auctions.
Apart from these, the GLADA has about a dozen commercial sites, including shops, booths and shop-cum-offices, among others.
An official, wishing not to be named, said the department was keen to make use of these empty sites.
“If the reserved prices are brought down, the buyers will show an interest and the department may get new buyers. It will help generate revenue. It has been over a decade and the buildings have not been sold. GLADA’s money is stuck,” the official said.
