Belying the impression of a downward trend in the real Estate rates, GLADA has fetched, an all time higher rate per sq. yard of a big commercial property in North India, when on Wednesday it succeeded in auctioning a commercial property measuring 5107 sq. yds at the rate of Rs. 1,51,000/- per sq. yd. fetching total amount of Rs. 77,11,57,000/-.
The reserve price of the property was fixed at Rs. 75000/- per sq. yard, with total value of Rs. 38 Crore.
Vikas Partap, Commissioner, Municipal Corporation and Chief Administrator, GLADA and Sumer Singh Gurjer, Deputy Commissioner, Ludhiana remained present throughout the auction to supervise the event. The auction was conducted by S.R. Kaler, Additional Chief Administrator, GLADA.
The Chief Administrator added that it was evident from this high rate of auction that the big investors from all over India were evincing a keen interest in making big investments in Punjab.
Giving more details Vikas Partap informed that 9 big companies including A.B. Motion Pvt. Ltd., LIC, Vishal Cycles, Piccadilly Hotels Pvt. Ltd., New Delhi, M/s. Amazon Enterprises, M.B.D. Group, T.S. Enterprises & J.K. Sharma participated in the auction. He said that the auction was started from the reserve price of property Rs. 75000/- per sq. yard. On the touching of auction at Rs. 1,36,000/- per sq. yard, only two bidders i.e. LIC and Piccadilly Hotels Pvt. Ltd. remained in the contest and finally Piccadilly Hotels Pvt. Ltd. offered the highest bid of Rs. 1,51,000/- per sq.yd. and lifted the property, he added.
Among others who were present in the auction included, Mr. S.S. Sandhu, S.E., Mr. Jeet Ram, Estate Officer, Mr. H.S. Dhillon, D.T.P.,Ludhiana, Mr. Sukhjinder Singh, Accounts Officer.
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