Leaving no stone unturned, the Greater Ludhiana Area Development Authority (GLADA) on Tuesday decorated the 8-acre prime chunk of land like a bride, but it failed to woo a single bidder.
GLADA waited for firms from New Delhi, Gurgaon, Noida and other cities outside Punjab to bid for the land in front of mini-secretariat. However, it was a flop show as not even a single bidder turned up to bid for the land. It was first auction of this land which earlier had offices of canal, irrigation and a rest house.
More than one-and-a-half years ago, office buildings were razed down after they were declared unsafe. Facing an extreme financial crunch, the Punjab government through its body PUDA (Punjab Urban Development Authority) had decided to auction the land.
On Tuesday, GLADA organised some high-end arrangements at the site. After the wait for more than four hours, none arrived for the auction. Talking to Newsline, Kuldeep Singh, additional chief administrator, GLADA, said: “There is no specific reason for this failure but slump in real estate is a possibility. We will be sending a report to PUDA which will decide the next course of action.”
GLADA officials were also surprised as despite queries, strategic location and advance publicity, no bidders came. R K Popli, estate officer, GLADA, said, “We were very hopeful today as we had received calls from Delhi, Gurgaon and other cities enquiring about the land but no bidder arrived. Maybe submitting a huge amount of Rs 40 crore (10% of reserve price) in advance was also an issue but we publicised the auction almost a month back.”