Ludhiana, August 31
Tribune News Service
The prevailing slump in the real estate market notwithstanding, the Greater Ludhiana Area Development Authority (GLADA) today sold 10 residential plots in Sector 32-A on Chandigarh Road here for a whopping Rs 10.75 crore against the floor price of the properties at Rs 7.19 crore. As bidders vied with one another to make offers, the plots sold at the auction fetched some 50 per cent premium to GLADA over the reserve price.
GLADA Additional Chief Administrator Baldev Singh, who conducted the auction proceedings with Estate Officer Jeet Ram, said on offer were five plots measuring 250 sq yards and a similar number measuring 400 sq yards.
Against the reserve price of Rs 21,700 per sq yard, the highest bid was made at Rs 40,000 per sq yard whereas the minimum successful bid Rs 27,000 per sq yard, he said.
The GLADA official said more than 60 persons, each having deposited an eligibility fee of Rs 50,000, participated in the auction and offered bids for the residential plots.
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