The auction of two chunks of land at Sector 40, which was held at Greater Ludhiana Area Development Authority (GLADA) office, failed to attract bidders on Monday.
GLADA had invited bidders for the auction of two chunks of land measuring 12,826 square yards and 12,196 square yards for multi-storey residential complex at Sector 40 on the Chandigarh Road, Ludhiana, against the reserve price of Rs. 25.65 crore and Rs. 24.39 crore, respectively.
The authorities kept waiting for the entire day but no bidder turned up at the auction.
While talking to HT, estate officer GLADA Anand Sagar said, “Recession in the real estate market at national level can be the reason for unsuccessful auction.”
The authorities would schedule next auction after the permission of senior officials and revise the prices according to the policy, he added.