Jalandhar Cantt India



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Description: All news from Jalandhar City and Cantonment, Adampur

JALANDHAR: Even as the Punjab Urban Planning and Development Authority (PUDA) has been repeatedly trying to sell off its residential and commercial properties by way of auction, most attempts have been eliciting no response from the investors or even the genuine buyers.

Even as the Punjab Urban Planning and Development Authority (PUDA) has been repeatedly trying to sell off its residential and commercial properties by way of auction, most attempts have been eliciting no response from the investors or even the genuine buyers. The authorities could sell only three properties in six auctions held in the past four months.

No residential plot in Urban Estate, Phagwara, could be sold by the authorities in an auction held on January 7. Likewise, there was no response to the 21 residential plots of Bulandpur Enclave scheme on January 6. A commercial chunk of the erstwhile roadways workshop which was put to auction for at least the fifth time too did not get any bidders.

Another auction of seven residential and 14 commercial sites of Jalandhar Development Authority at Urban Estate, Sultanpur Lodhi, on December 2 did not find any taker. The residential properties had a low reserve price, varying between Rs 8,610 to Rs 9,041 per sq m, while the commercial ones were pegged in the price range between Rs 26,900 to Rs 34,440 per sq m.

The last sale happened on November 20 last year when only three SCOs out of the 36 commercial properties on Urban Estate Phase -II auctioned by the Jalandhar Development Authority were successfully bid. But the auction of other commercial properties at Urban Estate Phase-II, including four-storey and six-storey SCOs and booths held on October 20, did not draw any response. The reserve price of this prime property touches up to Rs 1.8 lakh per sq m.

In between, another auction held on November 17 for residential plots, booths and shop-cum-shops at Chhoti Baradari-II, built-up shops at old DC/SSP office, SCOs at Canal Rest House and booths as Nawab Jassa Singh Ahluwalia Boys Hostel Kapurthala too failed to find buyers.

Chief Administrator, JDA, GS Khehra said most properties auctioned were under the OUVGL scheme and their sale was being directly monitored by the Chandigarh office. “There is a slump in the market which has been affecting sales for a long time,” he said.

Even as the auctions have not been yielding any result, the recent attempt of the JDA to open a new residential scheme of plots at Sheikhe village on old Hoshiarpur Road has, however, clicked. With over 200 applicants, the officials managed to sell 105 out of the 112 plots for which a draw was held on December 24.

The buyers have been given time to furnish the required documents till January 15 after which they will be given a Letter of Intent. While they have already paid 10 per cent of the total amount, they would have to shell out another 15 per cent now. Estate Officer, PUDA, said that tenders for development work had been floated.

Out of a total of 112 plots, 44 are of 200 sq yards, 41 of 125 sq yards, 11 of 150 sq yards and 16 of 100 sq yard area. The price of the plots has been kept at 12,500 per sq yd.




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