The Greater Ludhiana Area Development Authority (GLADA) became richer by Rs 7.5 crore after Thursday’s auction of booths and shop-cum-offices (SCOs) in Jamalpur area. Against the reserve price of Rs 6 crore for ten booths and four SCOs, GLADA got Rs 7.5 crore during the auction.

While the reserve price was Rs 81,000 per square yard, the highest bid went up to Rs 89,000 per square yard. The lowest offer was Rs 85,000 per square yard.

Thus, the auction received only a lukewarm response though GLADA expressed satisfaction keeping in mind the ongoing slowdown.

It may be mentioned that the auction of a few booths and SCOs in the same market last year saw bids up to Rs 1 lakh per square yard against the reserve price of Rs 31,000.

One of the bidders, however, said: “In a span of one year, GLADA has increased the reserve price manifold and hence they cannot expect many gains. Last year, when auction was organised there was a boom in the market so the prices also skyrocketed.”

GLADA Estate officer Jeet Ram said: “In today’s auction, we received 10 per cent of the price on the spot while the rest will be given as per the deadline set by us.”

The development authority also plans to organise another auction for the few booths and SCOs that are left in Jamalpur.