E-auction of 16 properties fetches Ludhiana MC ₹7.74 crore

As many as 24 properties were up for grabs, but eight did not meet the minimum three bids.

The fund-starved municipal corporation earned Rs 7.74 crore from the e-auction of 16 commercial properties in the city on Thursday.

Three SCO sites in Shaheed Bhagat Singh Nagar and 16 shops in the bearing market near Jagraon Bridge were sold. (Getty Images/iStockphoto)

As many as 24 properties were up for grabs, however, auction was cancelled for seven of these after the minimum three bids were not received.

The 16 properties sold include three shop-cum-office (SCO) sites at Shaheed Bhagat Singh Nagar, opposite to Keys Hotel on Lodhi Club road, and 13 shops at the bearing market near Jagraon Bridge.

Put up for auction against a reserve price of Rs 1.5 crore, the three SCOs in SBS Nagar, sized 100 square yards each, went for Rs 1.98 crore (located on a corner), Rs 1.51 crore and Rs 1.52 crore.

Similarly, the 13 shops auctioned in the bearing market had a reserve price of Rs 1 lakh per square yard, and were in different plot sizes. MC earned double the revenue with the sale of some of these commercial properties.

The properties, which were not auctioned, include a 653 square yards plot on Chandigarh Road, with a reserve price of Rs 40,000 per square yard; a 268.44 square yards plot behind Kailash Cinema (reserve price of Rs 38,000 per square yard), four shops in the bearing market near Jagraon Bridge and two SCOs in SBS Nagar.

Joint commissioner Kulpreet Singh said, “This is the first e-auction organised by the corporation, which helped it earn Rs 7.74 crore. After completing formalities of this auction, the next auction will be planned after consulting with the higher authorities.”

Registrations for the e-auction were opened on September 1 and lasted till September 28.