The much-hyped auction of the Ludhiana Municipal Corporation to sell 1.31 acres on the Ferozepur Road turned out to be damp squib. The reserve price of the land,which was fixed at Rs 1 lakh per square yard,failed to attract any bidder this morning.
The MC held this auction after a gap of many years to earn some revenue. The MC,which had also organised the auction of Sabzi Mandi parking lot,managed to attract one bidder. This auction was also stalled.
Last year,the parking lot had gone under the hammer for Rs 1 lakh and its contract will expire on March 31.
Sources revealed slowdown in real estate is the main reason behind the poor response.
With properties worth Rs 100 crore spread across the city,cash-strapped MC is finding it difficult to sell its assets.