No bidder attends Greater Ludhiana Area Development Authority (GLADA) auction
Sep 27, 2012
Source : The Financial Express


Ludhiana: While industry is looking for better options outside Punjab, investors are not showing much interest to invest in Punjab. The proof was seen today at the auction organised by Greater Ludhiana Area Development Authority (GLADA) for its 1-acre land on Ferozepur Road adjacent to Westend Mall. The reserve price of this land was Rs 75 crore.
Although elaborate arrangements had been made for this auction, not even a single bidder turned up at the Greater Ludhiana Area Development Authority office today. The reserve price per square feet was Rs 1.85 lakh.
The slump in property business at the moment is being cited as the reason by Greater Ludhiana Area Development Authority sources for the failure of this auction. A fresh date of auction will be decided soon.
Confirming that no bidder turned up, Greater Ludhiana Area Development Authority Executive Officer Jeet Ram said, “We had done extensive advertisement in newspapers outside the state as well. But no bidder turned up. We will decide on another date soon.”
The property dealers, however, revealed that property business is suffering a slump these days and this is perhaps the main reason why no bidder turned up at the Greater Ludhiana Area Development Authority auction.
Moreover, it was also being pointed out that the various taxes imposed by the Punjab government may be another factor which is prompting investors to stay away from investments in the state.
However, Jeeta Ram said, “It was the first auction. Let us see the response to the second auction. It would be pre-mature to draw a conclusion today itself.”
The huge investment on the main road is mainly done by big players who come from outside Punjab. Greater Ludhiana Area Development Authority, however, made it clear that they will be selling it as a single chunk only and not in parts.

Latest Realty News

Ground Rules: Govt considers land pooling policy to replace acquisition
Sep 27, 2012
New Delhi: A new land pooling policy that will encourage active involvement of the private sector is being considered as alternative to land acquisition by the Delhi Development Authority (DDA). “The National Council of Applied Economic Research (NCAER) was asked to look into the policy to see if it made economic sense. Their report has been submitted and they have suggested certain models for
High rise only way to go for Delhi: Kamal Nath
Sep 26, 2012
NEW DELHI: Union urban development minister KamalNath on Monday injected a sense of urgency into the entire process of review of the city's master plan by insisting that vertical development was the only way to go and that "planning has to be driven by market forces". Speaking at a Delhi Development Authority (DDA) workshop on 'Review of Master Plan of Delhi 2021', he said if there were no high-r
Odisha Government to provide free housing to Slum Dwellers
Sep 26, 2012
Bhubaneswar: Odisha Government has decided to provide house freely to Slum Dwellers. On this regard the state Cabinet has approves Odisha Property Right to Slum Dwellers and Protection of New Slum Bill 2012. This was informed by the chief secretary Bijay Patnaik. As per the proposal, property rights to the slum dwellers need to be given because of the steep rise in land prices, urban poor are
BMC money to monitor city sweepers ‘goes to waste’
Sep 25, 2012
BHUBANESWAR: The city civic body's whopping expenditure of Rs 1.65 crore on mobile-governance project has raised several eyebrows with citizens terming the exercise as "white elephant". Though BMC had launched the hi-tech project nearly a month ago to keep an eye on sanitation workers playing truant at workplace, garbage continues to remain scattered at major places in the city. A private firm
Real time problems dog realty work
Sep 25, 2012
BHUBANESWAR: Plans for new housing projects in more than 550 villages are stuck since the past six months because of uncertainty over the competent authority to accord approval. The Bhubaneswar Development Authority (BDA) has stopped entertaining applications seeking approval to build houses in these areas following Orissa High Court's March 27 order restricting the agency's jurisdiction only to
DDA asked to look into problem of unsafe buildings
Sep 24, 2012
New Delhi : With a survey by Central Building Research Institute finding that 70 per cent of buildings on the Yamuna floodplains were structurally unsafe, Delhi LG Tejinder Khanna has asked DDA to form a specific unit to deal with this problem. Khanna, who is also the Chairman of DDA, said the survey found that 70 percent of houses on the Yamuna flood plains were "unsafe structurally" and coul
Sewage floats on CDA roads
Sep 24, 2012
Cuttack, Sept. 23: Overflowing sewer channels have forced the residents of CDA Colony —the satellite township developed by Cuttack Development Authority — to stay indoors for about a fortnight now. CDA Sector VII has been the worst sufferer of the waterlogging situation for the last fortnight as Cuttack Municipal Corporation (CMC) has not allegedly taken any step to clear the sewage accumulate
Rental rehabilitation for slum dwellers,
Sep 11, 2012
BHUBANESWAR: In a bid to check the mushrooming growth of slums in the state, the BJD government is planning to create rental housing blocks at an affordable monthly rent of up to Rs 2,000 for the poor. The recently announced Scheme for Affordable Urban Housing in Odisha-2012 has enunciated that the government shall provide land to the urban local bodies (ULBs) for creation of such housing bloc
Many hurdles to dedicated capital corridor project
Sep 07, 2012
Even as the Tourism and Culture Department is contemplating to create a heritage corridor comprising tourism sites between the Temple City of Bhubaneswar and Pilgrim City of Puri, work on a dedicated corridor project for tourism development within Bhubaneswar is moving at a snail’s pace. This tourism corridor project is a part of the mega-tourist circuit for which the Centre had sanctioned ` 8
Housing in Gujarat may become costlier'
Sep 07, 2012
Ahmedabad: Housing projects in Gujarat may become costlier by 10-15 per cent if rising input costs of material and labour are not reined in in time, the Gujarat Institute of Housing & Estate Developers (GIHED) which represents the construction fraternity said today. The GIHED has sought government's intervention to check the spiralling prices of cement, which they say have risen by Rs 70-85 pe

Latest Realty News Of State

Realty Talk's