Failure to sell LIT Commercial Complex sparks debate

Kuldip Bhatia

Ludhiana, June 15

Failure of the Ludhiana Improvement Trust (LIT) to put to use for over a decade its multi-crore commercial complex on Maharani Jhansi Road (near Ghumar Mandi) has evoked a public outcry or rather a heated debate. While a noted city-based architect and director of Ludhiana Smart City Limited, Sanjay Goel, is of the view that the building ought to be put to use for public good, a former LIT chairman, Ashok Juneja, feels that the complex should have been sold in parts immediately after its completion.

Goel, also chairman of the Indian Institute of Architects, Punjab Chapter (IIAPC), has suggested that after a couple of unsuccessful attempts to sell the complex, LIT should have shifted its own office to this complex. Or rather offices of Ludhiana Smart City Ltd, GLADA and the MC can also be partly shifted to this complex for overall public good. “The existing office building of the Trust in Feroze Gandhi Market could have been dismantled and utilised for commercial exploitation, along with a multi-level parking to generate huge revenue,” he said.

The shifting of LIT office to this complex even after putting ground and first floor of the complex to commercial use by way of sale, long lease or rent, could have brought in a lot of money which the LIT could use for development and maintenance works in its colonies, Goel remarked.

However, Juneja said if his proposal to sell the complex in parts way back in 2008-09 had been accepted and even if Rs 100 crore were raised from its sale (in parts), that money would have been worth Rs 225 cr at present.

He said even now the complex would attract buyers if it was offered for sale in parts. But it would be nothing short of a miracle if buyers come forward to offer bids for this property as a single unit in view of the Covid-19 pandemic when the estate business was amidst a recessionary trend even at a reduced reserve price tag of Rs 150.60 cr in the proposed e-auction.

Join Whatsapp Channel of The Tribune for latest updates.