GLADA receives bleak response to SCOs at auction | punjab | Hindustan Times
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GLADA receives bleak response to SCOs at auction

punjab Updated: Apr 23, 2013 19:27 IST
HT Correspondent

Out of the total 11 shop-cum-office (SCO), the Greater Ludhiana Area Development Authority (GLADA) was able to sell only one in an auction organised here on Tuesday.

A total of 29 sites in different areas of the city were put to auction by GLADA, but the authority was able to auction only 11 properties that included SCOs, shop-cum-flats (SCF), booths and shops. The properties that were put to auction included 11 SCO, 10 booths, three shops and five SCFs.

However, GLADA was able to get a hike of 4% on the fixed base price for the properties.
While SCFs and booths were located in Dugri, Phase 3, SCOs and shops were in Dhandari Kalan.

A total of 25 bidders participated in the auction during which 2 SCFs, 1 SCO, 6 booths and 2 shops were sold.

GLADA estate officer Rakesh Popli said the base price for the 11 auctioned properties was Rs 6.47 crore and GLADA was able to fetch Rs 6.74 crore through sell.

However, GLADA was disappointed over selling of only one SCO owing to their location.