Another GLADA auction; response tepid

Yet another auction by Greater Ludhiana Area Development Authority (GLADA) got a lukewarm response today. Out of the 38 sites put on auction, only 13 were sold off and no bidders were found for the rest.

The bids were also not much impressive. Against the total reserve price of Rs 6.04 crore, GLADA earned Rs 6.17 crore.

The auction was held for the shop-cum-offices (SCOs) and booths located at Dhandari Kalan (Phase 3 and 4). The reserve price of SCOs was Rs 1.34 per square yard while that for the booths was Rs 87,000 per square yard.

Executive officer (EO) Jeet Ram confirmed the auction. "The bidders were less in number today. But still we are happy that a few of our sites have been sold off. The rest will be put on auction after a few days."

It needs to be mentioned that on Wednesday, the auction of a 1-acre land at Ferozepur road had been a flop show after no one turned up for this auction. Even today it was a below average show.

In the same area, GLADA had received more than 70 per cent of the reserve price for many sites and today it was almost at par as GLADA wanted to sell a few of the sites at least today.

The EO did not rule out the slowdown in property business these days for the luke warm response. He, however, added, "It is just a phase. After some time the boom will be back again in the market."

"We have gotten more than our reserve price. So that is a positive point," he remarked.

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