Indian Express 03.12.2010
PUDA to auction 3.7-acre multiplex site in Amritsar
Punjab Urban Planning and Development Authority (PUDA) announced here today it would auction a commercial site measuring 18,053.2 square yards (more than 3.73 acres) in the posh Ranjit Avenue on Ajnala Road in Amritsar. The site would be sold for construction of a multiplex with a hotel on one side and a shopping plaza on the other, a PUDA spokesperson said.
He said the site for the shopping plaza was purchased by Life Insurance Corporation of India in January 2008 for Rs 82.07 crore at the rate of Rs 61,000 per square yard; the hotel site on the other side of the plot is owned by Improvement Trust, Amritsar, and would be sold in the near future.
The reserve price of the site has been fixed at Rs 126.37 crore, at the rate of Rs 70,000 per square yard. “The land enjoys attractive location attributes,” claimed the official, adding that the Golden Temple and the ISBT were both just 5 km away.
The terms and conditions of the auction provide for the payment of the successful bid amount in 6 installments over a period of 5 years. Also, there is a provision to make a lump sum payment without interest. Lump sum payment attracts a 10 per cent rebate on the principal amount. The site is fully developed and its possession would be handed over to the purchaser within 90 days of the allotment.
“This land was transferred to PUDA by the Improvement Trust in lieu of the funds advanced to it by PUDA for various development works in Amritsar,” said the PUDA officer.
