GLADA’s mega e-auction begins

Our Correspondent
Ludhiana, May 10

A mega e-auction of 56 commercial sites and 14 residential plots in various schemes of the Greater Ludhiana Area Development Authority (GLADA) commenced at 9 am today. It will continue till 1 pm on May 21.

While all the commercial sites put together carry a total reserve price of Rs 109.1 crore, the residential plots have a combined floor price of Rs 8.5 crore.

Even though the real estate market remained southwards due to economy shrunken by Covid-induced lockdown since last more than one year, but GLADA has gone ahead with making an offer for sale through e-auction of sites, which include a premium chunk of land on Ferozepur Road (a national highway) with a total reserve price of little more than Rs 53.00 crore, and another school site in Sector 33 on the Ludhiana-Chandigarh road with a floor price upward of Rs 1.61 crore.

As per the offer document, other commercial sites to be sold through e-auction include six shop-cum-offices (SCOs) in Phase II and III, Dugri, three SCOs in pocket 1 and pocket 2 in Old Jail Road Market, five shop-cum-flats (SCFs) in Phase II, Dugri, 11 SCFs in Phase III, Dugri (opposite Army Flats), and five SCFs in Sector 39 (opposite Sacred Heart School).

Among other commercial sites to go under the hammer are nine booths in Phase II, Dugri, four booths in Phase II, Dugri, Bypass Road, six booths in Sector 39 (opposite Sacred Heart School) and five shops in Old Jail Road Market.

In addition to commercial sites, GLADA has also made an offer for five residential plots (100 and 125 sq yds each) in Phase II, Dugri, and nine plots of varying sizes (from 200 to 427 sq yds) in Sector 39-A on the Ludhiana-Chandigarh road here.

Intending bidders would have to deposit an eligibility fee of Rs 3 lakh or 2 per cent, whichever is higher for SCOs, SCFs, chunk of land and school site, Rs 1 lakh for booths and shops and Rs2 lakh for residential plots.