E-auction of commercial complex in Ludhiana on October 9

E-auction of commercial complex in Ludhiana on October 9

The complex will be put on the block at a reserve price of Rs 157.60 cr for the 4th time during the past more than 10 years after its construction.

Kuldip Bhatia

Ludhiana, September 22

The stage is set for the sale of a built-up commercial complex on Maharani Jhansi Road here through e-auction once again, with other residential plots and commercial sites by the Ludhiana Improvement Trust (LIT) on October 9.

In November 2009 and then again in March 2013, the complex was offered for sale through open auction at a reserve price of Rs 197 crore without finding any buyer. Thereafter, another unsuccessful attempt was made to sell the 2.22-acre built-up complex in July 2020 at a reduced reserve price of Rs 157.60 cr.

Built more than 10 years ago at a cost of about Rs 16 crore, the commercial complex has undergone several transformation and utilisation plans from time to time.

Other properties

Among other properties to be sold through the e-auction along with the commercial complex are 16 residential plots and 57 commercial sites.

According to the offer document, registration of intending bidders commences on September 21 which would close on October 6 at 3 pm. Online bidding would remain open on October 9 from 9 am to 3 pm. Last date for successful bidders to deposit 10 per cent earnest money along with 6 per cent cess would be October 15 till 5 pm.

The commercial properties (all built-up) offered for sale include 28 shop-cum-flats (SCFs) at Bhai Randhir Singh Nagar, two SCFs and 26 booths in Maharishi Valmiki Nagar and one school site measuring 9224.33 square metre in Maharishi Valmiki Nagar.

All properties to come under the hammer at the e-auction would have a total reserve price of more than Rs 250 crore with the commercial complex (Rs 157.60 cr) and the school site (Rs 24.45 cr), put together account for a total floor price of a little more than Rs 187 crore.

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