GLADA richer by R37.5 cr from auction of 22 commercial properties | punjab | Hindustan Times
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GLADA richer by R37.5 cr from auction of 22 commercial properties

Despite a slump in commercial properties, Greater Ludhiana Area Development Authority (GLADA) auctioned 22 properties at a whooping price of Rs 37.52 crore on Tuesday. The properties included shop-cum-offices (SCOs), booths and shops.

punjab Updated: Aug 06, 2013 20:27 IST
HT Correspondent

Despite a slump in commercial properties, Greater Ludhiana Area Development Authority (GLADA) auctioned 22 properties at a whooping price of Rs 37.52 crore on Tuesday. The properties included shop-cum-offices (SCOs), booths and shops.

There were a total of 50 properties that were to be auctioned by GLADA. Enthusiasm among the residents could be seen by the fact that 73 bidders took part in the auction and bought 22 properties in Dugri Phase 1, 2 and Sector 32 under GLADA.

Reserve price of the 22 properties was Rs 27.32 crore, and GLADA earned a hike of 40% by fetching Rs 37.52 crore. Rakesh Popli, estate officer, GLADA, said sale of 22 commercial properties during this time of slump in properties was a positive sign for GLADA. "The properties that were auctioned included eight SCOs, 13 booths and one shop," he added.

In phase 1 the reserve price of SCO was fixed at Rs 80,000/ sq yard. The maximum amount that was fetched by the sale of an SCO was Rs 1.2 lakh per square yard.

A shop in Phase 1, which had a reserve price of Rs 80,000 per square yard, was sold off for Rs 1.3 lakh per square yard.

On the other hand, the reserve price of booths in Phase 2 was fixed at Rs 1,04,795 per square yard. Maximum amount fetched by the sale of a booth in the area was Rs 1.52 lakh per square yard. The reserve price of booths in the Phase 2 was fixed at Rs 1,01,970 per square yard, and the maximum amount earned by the sale of a booth here was Rs 1.98 per square yard.

Booths in Sector 32 had a reserve price of Rs 1,49,590 per square yard, and the maximum price fetched by GLADA was Rs 2,11,100 per square yard.