Greater Ludhiana Area Development Authority comes up with scheme for allotment of freehold residential plots

Ludhiana, August 3, 2019: Greater Ludhiana Area Development Authority has come up with a scheme for allotment of freehold residential plots at GLADA Estate Sua Road, Behind Hotel Keys, Ludhiana.

Scheme consists of 203 plots for allotment to general public & 28 plots for Economically Weaker Section (EWS). Scheme is schedule to close on August 26, 2019.

Apart from the residential plots presently being offered at the site, commercial sites (SCOs) will also be available for sale through e-auction in near future.

Divulging details of the scheme, Parminder Singh Gill, Chief Administrator, GLADA said that for the plots meant for allotment to general public, the per Square Yard reserve price has been fixed at Rs.29,000 and for the EWS, plots have been priced at Rs.26,100 per Square Yard. Applicants are required to pay 10% of the total cost of the plot as Earnest Money alongwith application form and 15% amount of the plot shall be payable within 30 days from the date of issuance of Letter of Intent (LoI), stated Gill. Balance 75% amount can be deposited lump-sum, within 60 days from the date of issue of allotment letter, on which the allottee will get a discount of 5%. Allottees also have the option of paying the 75% amount in 6 equal half-yearly instalments along with interest @ 9% compounded annually, told the Chief Administrator.

By inviting applications for allotment of plots, while the Capt.Amarinder Singh led Government is providing opportunity to those who want to own a place for living, at the same time the Government is considerate about the financially not well off strata of the society, said Sukhbinder Singh Sarkaria, Housing & Urban Development Minister Hence, 28 plots have been kept a reserve in the scheme for allotment to Economically Weaker Section (EWS), he said. The separate draw shall be held for allotment of plots meant for the Economically Weaker Section Category, said the minister.

In the scheme, plots measuring upto 100 Square Yards and ranging from 100 to 125 Square Yards are available for allotment to general public. However, for the Economically Weaker Section, plots measuring upto 100 Square Yards are available for allotment. Interested applicants can obtain the scheme brochure from the branches of the banks associated in the scheme or they also have the option of making online applications by visiting website of GLADA. Site where these plots are being offered is located in the heart of the city, adjoining Shaheed Bhagat Singh Nagar and near Bhai Randhir Singh Nagar. Also the site is well connected with the southern bye-pass. Allottees shall be handed over the possession of the plots within 6 months from the date of allotment.