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Journalism of Courage
No bidder attends the auction of 20 booths at Samrala
Officials of the Greater Ludhiana Area Development Authority GLADA were a disappointed lot as no bidder turned up at the auction of 20 booths at Samrala civil court complex.
The officials waited for bidders till evening and finally decided to postpone it.
This is the second such incident in the last one month. On October 8 too, no bidder had turned up for the auction of 16 shops opposite the Samrala civil hospital where the reserve price had been kept Rs 54,000 per square yard.
Estate Officer Jeet Ram said: 8220;As we got no response today, we have decided to postpone the event.8221;
The reserve price today was kept Rs 40,000 per square yard.
According to property dealers, the reserve price was too high. Moreover, being a small place, Samrala cannot give good returns to GLADA. GLADA authorities also feel that real estate market has slowed down due to the crash in the share market. Perhaps, this is the reason that property dealers did not come for the auction this time, said GLADA officials.
Property dealers claimed that even on the Jail Road, there was no scope of having a shopping compleax as the location is not strategic.
The inner city faces the problem of acute congestion.
Hence, buyers do not want to invest in the market.
