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Land on Samrala Road fetches Rs 8.38 Crore
| June 23, 2008 |  (Be the first to rate this story!) Loading ... |
More than 100 bidders from Ludhiana, Chandigarh, Delhi and Chennai take part in auction. The live example of property boom was seen today in the auction of the Greater Ludhiana Area Development Authority (GLADA) where the highest bid of a shop-cum-office (SCO) fetched Rs 2.75 lakh per square yard against the reserve price of Rs 1.10 lakh per square yard. The booth measuring 305.25 square yard, which is in Sector 32 on the Samrala Road, was sold off at Rs 8.38 crore.
This SCO has been purchased by Deepak Land and Developers, a city-based real estate dealer. The GLADA had planned to auction more than 40 sites but after looking at the huge response they got from today’s auction, they have put the auction of the remaining sites on hold.
Around 16 sites on the Samrala Road and behind Vardhman Mill were auctioned. The department, meanwhile, earned the revenue of Rs 39.03 crore against the reserve price of Rs 15.52 crore thus registering 151 per cent growth.
A few other booths located behind the Vardhman Mills were also auctioned against the reserve price of Rs 40,000 per square yard. The highest bid offered was Rs 1.38 lakh. Booths with the reserve price of Rs 50,000 per square yard fetched the maximum bid of Rs 1.06 lakh per square yard.
More than 100 bidders from Ludhiana, Chandigarh, Delhi and Chennai took part in the auction. Acting Additional Administrator VK Chauhan, Superintending Engineer RK Sharma, Chief Administrator Manashri and Estate Officer Jeet Ram were also present on the occasion.
Meanwhile, officials maintained that property prices in the planned commercial areas are spiralling. They added that people are interested to invest in the approved areas rather than the unapproved areas ,hence, GLADA got an overwhelming response. The areas near the Samrala Road will see a big commercial boom in the times to come, they said.
News Published Under: Real Estate India, Chandigarh |
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