Tuesday, September 26, 2023
HomeNewsReal Estate Ludhiana Improvement Trust's prime property to be auctioned

 Ludhiana Improvement Trust’s prime property to be auctioned

Unused since its construction in 2008, the building's reserve price was earlier fixed at Rs 197 crore, but the authorities failed to find buyers for this amount.

Finding the idea to rent out the multi-storey building on Rani Jhansi road after renovation impractical, the Ludhiana Improvement Trust (LIT) has decided to put the property, worth crores, up for auction once again. Unused since its construction in 2008, the building’s reserve price was earlier fixed at Rs 197 crore, but the authorities failed to find buyers for this amount.

The structure of the building has gradually started crumbling as it hasn’t been used for so many years. And if officials had to renovate it, then they would have to fix the interiors, lifts, besides carrying out facelift of the front portion. Officials said it would be better if they get a buyer. For the purpose, they will fix a fresh reserve price of this property. LIT chairman Tarsem Bhinder said, “Initially, we had plans to bring some banks or multiplex here, so that it could generate a fixed rental income for LIT, but the officials have now suggested auction is the best option. We will go with auction plan now.”

AdvtRequesting anonymity, an official said in case they renovate the building for giving it on rent but do not find tenants, then who will be held responsible for the act. He said as LIT is already facing controversy over e-auctions regarding plots under locally displaced scheme, they do not want any further trouble.

Notably, the building has double basement and a total of 77 units, including restaurants, banks, showrooms, shops and pent houses. But the failure of authorities turned it into a deserted place. In the evening, vendors sell their eatables while parking their vehicles outside the building.

After several failed attempts to auction the property in the past, LIT officials came up with other plans, but those failed too.

Former LIT chairman Raman Balasubramanium had proposed to develop parking for Ghumar Mandi in the basement of this building, but the idea never materialised. He also proposed to shift LIT office to this building.

In April 2018, then deputy commissioner Pardeep Agrawal who had the charge of LIT chairman, at that time visited the building. At that time, there was a plan to develop jewellers’ market in the building. In 2013, the income tax department was offered to establish their office at this site. A few years ago, former deputy CM Sukhbir Badal had proposed a downtown project which was supposed to come at main office of Powercom on Ferozepur Road. And the office of Powercom was proposed to be shifted to this LIT building


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