Indian Express 11.11.2010
GLADA auction deferred again
Once again a poor response from the bidders forced the Greater Ludhiana Area Development Authority (GLADA) to postpone the auction. The auction was for 1.6 acre and 3.10 acre land located near Lakkar bridge for which the reserve price was Rs 80,000 per square yard.
Three bidders came but refused to pay the fee and told the GLADA authorities that the reserve price was too high. Estate officer Jeet Ram confirmed the cancellation of the auction and said that the matter would be conveyed to the state government so that they can take a further decision. In the past there had been an auction of a chunk of land near the same site. The reserve price was Rs 1 lakh per square yard but it was auctioned at Rs 1.11 lakh per square yard. The land in question, however, is at the back side and, hence, buyers want GLADA to further lower the prices. In the past as well, auctions of GLADA had been postponed due to a high reserve price.
The estate officer said that the slump in the market seems to be the reason for the bidders’ attitude. The site near the civil hospital has no takers even after calling three auctions.
