The auction of 18 plots of Dugri phase 1 on Thursday yielded a huge dividend for the Greater Ludhiana Area Development Authority (GLADA),which earned Rs 14.2 crore for all these plots against the reserve price of Rs 9.85 crore.
Against the reserve price of Rs 25,500 per square yard,the highest bid went up to Rs 45,000 per square yard while the lowest bid was of Rs 28,000 per square yard. Out of the 18 plots,13 were of 200 square yards while the remaining were of 250 square yards.
Dr Jaswant Singh,GLADA additional commissioner administrator,said all the 250-square yard plots were sold off at more than Rs 42,000 per square yard while the 200-square yard plots attracted bids which were less than Rs 40,000 per square yard.
With this auction,all the plots in Dugri phase 1 have been sold off now. We will be soon conducting auction for the left out plots of phases 2 and 3 as well, said Singh.
Though property dealers maintain property prices have fallen because of a hike in land registry rates and many other factors,the auction on Thursday was proof that property is still the hot commodity.
According to Singh,people always want to invest in the approved colonies where buyers can be found in large numbers.
Builders,however,are upset over the action of GLADA in unapproved colonies due to which,they claim,buyers have disappeared from the market.