Lockdown casts shadow on GLADA auction

Kuldip Bhatia

Ludhiana, August 6

Covid-induced lockdown seems to have dampened the spirits of buyers and investors as after a thumbs down to the offer for allotment of 93 residential plots and e-auction of nine shop-cum-offices (SCOs) in the proposed Glada Estate, the date for submission of applications and offering bids has been extended by the Greater Ludhiana Area Development Authority (GLADA).

With no bid received for SCOs and a handful applications for allotment of residential plots till August 5 (closing date), GLADA has decided that now the applications for allotment of residential plots and bids for SCOs would be received till August 31.

The GLADA Estate Officer, Sonam Chaudhry, attributed the lukewarm response of the public to the offer of residential plots and commercial sites to several other reasons in addition to restrictions imposed due to Covid-19. She said the two branches of the banks, authorised for sale of brochures and accepting applications for allotment of plots, had remained closed for several days due to the pandemic and even otherwise, people were still apprehensive of visiting banks or other such crowded places due to the lockdown restrictions.

The authority had made an offer for allotment of 82 freehold residential plots and 11 more plots for economically weaker sections (EWS) in Glada Estate on 80-Foot Sua Road (behind Keys Hotel) to be allotted through draw of lots. At the same time, nine commercial sites for shop-cum-offices (SCO) were also to be sold in the same colony through the e-auction to be held from July 20 to August 5.

As per the offer document, 82 residential plots, 68 with floor area up to 100 square yards and 14 plots with area ranging between 100-125 square yards, would be allotted to eligible applicants at the rate of Rs 29,000 per square yard. Besides, 11 residential plots with area up to 100 square yards each would be available for allotment to EWS applicants at a reduced rate of Rs 26,100 per square yard.

Along with the allotment of residential plots through draw of lots, GLADA has made an offer for sale of nine SCOs, one with floor area of 171.81 square yards and eight other having floor area of 138 square yards each - at a reserve price of Rs 67,000 per square yard. Intending bidders would have to deposit an eligibility fee of Rs 3 lakh.