E-auction of commercial sites for Greater Ludhiana Area Development Authority Estate begins

GLADA chief administrator Parminder Singh Gill said the possession of the sites to successful bidders would be given in 90 days from the date of issuance of the allotment letters

E-auction of 10 shop-cum-offices (SCOs) at the Greater Ludhiana Area Development Authority (GLADA) Estate has started and anyone can participate in the process till March 27.

HT Image

GLADA chief administrator Parminder Singh Gill said the possession of the sites to successful bidders would be given within 90 days from the date of issuance of the allotment letters. “Ten SCOs will be auctioned, which include a corner SCO of 171.81 sq yard, whereas the remaining nine are of 138 sq yards,” he said, adding that the reserve price per sq yard has been fixed as ₹87,000 for all these SCOs. “The SCOs will have a basement plus three storeys. The eligibility fee for participating in the auction is ₹3 lakh,” he said.

ABOUT GLADA ESTATE

GLADA is developing an affordable housing urban estate on about 9.57 acres in Daad village of the district. The site is situated in prime location of the city flanked by posh areas such as Shaheed Bhagat Singh Nagar, Pakhowal Road; Bhai Randhir Singh Nagar and Rajguru Nagar.

It is situated on 64-feet wide Sua Road that is proposed to be widened to 80-feet as per the provisions of the master plan and will have its main access from the backside of Hotel Keys which is situated on 200-feet wide Southern Bypass. There are many renowned schools, educational and medical institutions, shopping malls, clubs and stadium within 2km radius of the upcoming project.

Gill also said, “If anyone intends to bid for more than one site, he/she will be required to deposit the eligibility fee separately for each site. The successful bidder will have to deposit 10% of the bid amount along with 2% cancer cess after the confirmation of the highest bidder, another 15% within 30 days from the date of auction and the first instalment shall fall due after expiry of six months from the date of issue of the allotment letters.”

“The balance 75% amount can be deposited within 60 days from the date of issue of the allotment letters without any interest,” he said, adding that in such cases, 7.5% rebate shall be allowed, otherwise the said amount can also be paid in eight equated half yearly instalments with 9.5% rate of interest per annum. In case the successful bidder does not deposit the 15% amount within 30 days from the date of auction, 10% amount already deposited by him shall be forfeited and the applicant will not have any claim in this regard, the GLADA official said.