GLADA sells 23 properties for Rs56.41 cr in e-auction

Kuldip Bhatia
Ludhiana, May 25

The Greater Ludhiana Area Development Authority (GLADA) has made a killing in an e-auction and sold one institutional and 14 commercial sites, besides eight residential plots at a whopping Rs 56.41 crore. The e-auction concluded on May 21.

Even though the premium earned from the sale (just about 4.6 percent) seemed marginal over the total reserve price (Rs 53.93 crore) of these properties but selling such a large number of properties, especially when most businesses were under lockdown, was being touted as an achievement.

In the offer document, GLADA had put on the block a total of 56 commercial and institutional properties, which included nine SCOs, 21 SCFs, 19 booths, five shops, one multiplex/mall site and one school site, all of which together carried a reserve price of Rs 109.10 crore. In addition, 14 residential plots were offered for sale with a total reserve price of Rs 8.50 crore.

GLADA officials said of the 56 commercial and institutional sites put up for sale through e-auction, as many as 13 were sold yielding around Rs 49.28 crore against their total reserve price of Rs 47.72 crore while Rs 7.12 crore were realized from the sale of residential plots, which carried a floor price of Rs 6.20 crore.