No bidder attends Greater Ludhiana Area Development Authority (GLADA) auction
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While industry is looking for better options outside Punjab, investors are not showing much interest to invest in Punjab. The proof was seen today at the auction organised by Greater Ludhiana Area Development Authority (GLADA) for its 1-acre land on Ferozepur Road adjacent to Westend Mall. The reserve price of this land was Rs 75 crore.
Although elaborate arrangements had been made for this auction, not even a single bidder turned up at the Greater Ludhiana Area Development Authority office today. The reserve price per square feet was Rs 1.85 lakh.
The slump in property business at the moment is being cited as the reason by Greater Ludhiana Area Development Authority sources for the failure of this auction. A fresh date of auction will be decided soon.
Confirming that no bidder turned up, Greater Ludhiana Area Development Authority Executive Officer Jeet Ram said, "We had done extensive advertisement in newspapers outside the state as well. But no bidder turned up. We will decide on another date soon."
The property dealers, however, revealed that property business is suffering a slump these days and this is perhaps the main reason why no bidder turned up at the Greater Ludhiana Area Development Authority auction.
Moreover, it was also being pointed out that the various taxes imposed by the Punjab government may be another factor which is prompting investors to stay away from investments in the state.
However, Jeeta Ram said, "It was the first auction. Let us see the response to the second auction. It would be pre-mature to draw a conclusion today itself."
The huge investment on the main road is mainly done by big players who come from outside Punjab. Greater Ludhiana Area Development Authority, however, made it clear that they will be selling it as a single chunk only and not in parts.