No bidder attends Greater Ludhiana Area Development Authority (GLADA) auction

A

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.

Please read our terms of use before posting comments
TERMS OF USE: The views expressed in comments published on indianexpress.com are those of the comment writer's alone. They do not represent the views or opinions of The Indian Express Group or its staff. Comments are automatically posted live; however, indianexpress.com reserves the right to take it down at any time. We also reserve the right not to publish comments that are abusive, obscene, inflammatory, derogatory or defamatory.