The Greater Ludhiana Area Development Authority (GLADA) will be auctioning the 8-acre land which houses the office of the canal and irrigation department on the main Ferozepur road on Tuesday.
The auction comes at a time when realtors are talking about a slump in the real estate business. GLADA has kept the reserve price of this land as Rs 415 crore and will be selling it as a single chunk for group housing project.
Additional Commissioner (Administrator) Kuldeep Singh confirmed the auction and said, “Out of the total area, 40% area will be developed as commercial and 60% as residential.”
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The property is located opposite the mini-secretariat which is in the heart of the city and GLADA is expecting good response because of the strategic location of the property.
Offices of the irrigation and canal department were located in this area apart from a rest house. However, the buildings were declared unsafe and more than one-and-a-half-years back, the offices of these departments had been shifted to Dugri phase 1. The new office was made by GLADA only. After that the unsafe buildings had been demolished and now the department thought of auctioning it.