Improvement Trust to sell 66 properties through e-auction

Our Correspondent

Ludhiana, November 17

Ludhiana Improvement Trust (LIT) is all set for second edition of sale of 19 residential plots and 47 commercial (built-up) properties in its various schemes with a combined floor price of Rs 36.85 crore.

The registration of intending bidders would commence on November 18 at 10 am and close on December 2, 2019, at 3 pm. Online bids would be accepted on December 5, 2019, from 10 am to 3 pm on the same day.

In the first ever e-auction of properties held in September 2019, after incumbent chairman Raman Balasubramanium had taken over the reins, the LIT had sold 18 properties raking in Rs 16.60 crore at a handsome premium ranging between 70 to 300 per cent.

According to Balasubramanium, properties put on the block in the second e-auction include 19 residential plots at Kitchlu Nagar out of which 17 are with area of 83.61 sqm at the reserve price of Rs 32,315 per sqm and two others measuring 112.87 sqm at the reserve price of Rs 40,395 per sqm. Intending bidders would have to deposit two per cent of the total cost of plot as eligibility fee.

Besides, 19 shop-cum-flats (SCFs) at Bhai Randhir Singh, each with an area of 151.25 sqm at a reserve price of around Rs 1.46 crore and eligibility fee of two per cent of the total reserve price have been offered for sale.

The LIT chairman said other commercial (built up) properties put on sale were four booths (area 19.60 sqm each) and 19 booths (area 18.75 sqm each) at Maharishi Valmiki Nagar, three booths (area 18.75 sqm each) at Kitchlu Nagar and two booths (area 18.75 sqm each) at Shahhed Bhagat Singh Nagar Colony. The reserve price of the built up booths ranges between Rs 11.53 lakh and Rs 14.50 lakh.

The Trust had taken approval of all properties being offered for sale in the e-auction from the Real Estate Regulatory Authority, Punjab, added Balasubramanium.