Showing revival of real estate boom in Punjab, the Bathinda Development Authority (BDA) has auctioned a 4.5 acre commercial site in Bathinda for a whopping Rs. 184 crores. The per square yard price works out to Rs. 84,400/- a square yard.
An official spokesman said here Saturday that BDA had fixed the reserve price for this site which has been positioned for multiplex-cum-mall at Rs. 135 crore.
Giving details of the auction, BDA spokesman stated that 4 parties from all-over India participated in the auction held on Friday. Best City Developers Private Limited, a party from Delhi was the successful bidder capturing the well-located city property in a keenly contested auction at a price approximately 35% higher than the reserve price.
Media Advisor to Chief Minister Punjab Harcharan Bains stated that the Bathinda auction was the largest ever real estate auction in the history of the State. Earlier in an auction in Jalandhar, a 2.94 acre piece of real estate had been auctioned to Reliance by PUDA for Rs. 104 crores. This was followed by another high-priced auction of 5000 sq yard commercial property on Ferozepur Road in Ludhiana for Rs. 77 crores. What was particularly significant was that despite a nation-wide recession in the real estate market, the predominantly rural area of Malwa real estate was commanding such high prices. He stated that it was a reiteration of the investors' confidence in the State as well as in the policies of the SAD-BJP Government.
He stated that the Bathinda auction would provide a shot-in-the-arm to the newly constituted BDA as well as be a catalyst to the growth of Bathinda and its surrounding towns. With work on the Oil Refinery underway and other major development projects on the anvil, there was little doubt that Bathinda would emerge as one of Punjab and North India's major growth centres.
A spokesman of the Housing & Urban Development Department Punjab stated that the Government had initiated a series of measures to liberalize the housing sector and to promote well-planned development of towns and peri-urban areas. The formation of Special Area Authorities in Amritsar and Bathinda by the Government in addition to GMADA and GLADA had further re-energised the real estate sector. The spokesman further stated that the housing and urban sector was "looking up" again and these high priced auctions were only harbingers of the growth and development in the coming future. With Singapore's Jurong International undertaking master planning exercise in Greater Mohali area as well as in pockets of Amritsar and Master Plans for around 40 towns under preparation by the Department, Punjab's urban landscape was poised for a major planned development in the next few years, the spokesman added.
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