E-auction of commercial sites (SCOs) at GLADA Estate starts

Ludhiana: The E-auction of 10 commercial sites (SCO’s) at GLADA Estate have started and anyone can participate in the e-auction till March 27, 2020. Chief Administrator GLADA Mr Parminder Singh Gill informed that the possession of sites to successful bidders would be given in 90 days time from the date of issuance of allotment letter.

He informed that 10 SCOs would be auctioned, which include one corner SCO of 171.81 sq yards size, whereas the remaining nine are of 138 sq yards size. He said that the reserve price per sq yards have been fixed as Rs 87,000 for all these SCOs. He further stated that the SCOs will have a basement plus three storeys. The eligibility fee for participating in the auction is Rs 3 lakh.

The Greater Ludhiana Area Development Authority (GLADA) is developing an affordable housing Urban Estate in an area of about 9.57 acres at Village Daad, Distt Ludhiana under the name-GLADA ESTATE. The site is situated in the prime location of the City flanked by posh areas namely Shaheed Bhagat Singh Nagar (Pakhowal Road), Bhai Randhir Singh Nagar and Rajguru Nagar.

It is situated on 64 feet wide Sua Road (proposed to be widened to 80 feet as per the provisions of the Master Plan, Ludhiana) having its main access from the backside of Hotel Keys, which is situated on 200 feet wide Southern Bye Pass. There are many renowned Schools, educational and medical institutions, Shopping Malls, Club and stadium within a radius of 2 kms.

Mr Parminder Singh Gill stated that the striking feature of the scheme is that there are many debuts in it viz, it has been for the first time in the history of Punjab, that an affordable housing Scheme under the provisions of land owners become partners in Development Policy of the Punjab Government has been launched. Besides, other other debuts in the scheme are that it is for the first time that the scheme shall have 100% underground electricity wiring and provision of 24 hours water supply in it. He informed that the developmental works have already been started at the site.

He said that the persons who wish to participate in this e-auction are required to deposit an amount of Rs 3 lakh as eligibility fee with Estate Officer, GLADA in online mode and if any person intends to bid more for more than one site will be required to deposit eligibility fee separately for each site. The successful bidder would have to deposit 10% of the bid amount along with 2% cancer cess after the confirmation of the highest bidder, another 15% within 30 days from date of auction and the first instalment shall fall due after expiry of six months from the date of issue of allotment letter. The balance 75% amount can be deposited within 60 days from the date of issue of allotment letter without any interest. In such case, 7.5% rebate shall be allowed, otherwise the said 75% amount can also be paid in 8 equated half yearly instalments with 9.5% rate of interest per annum. In case the successful bidder does not deposit the 15% amount within 30 days from the date of auction, then 10% amount already deposited by him shall be forfeited and the applicant will not have any claim in this regard. The payment by cheque will not be accepted and detailed terms and conditions will be uploaded on puda.gov.in and puda.e-auctions.in.