LIT complex draws a blank in 3rd auction

LIT complex draws a blank in 3rd auction

Kuldip Bhatia

Ludhiana, July 3

A 2.22-acre commercial complex of the Ludhiana Improvement Trust (LIT) on Maharani Jhansi Road here has failed to find a buyer for the third time even at a reduced price of Rs157.60 crore. In the e-auction held yesterday for the complex, along with 50 other properties, including built-up booths and residential plots, not even a single bidder showed interest in the project.

Third time unlucky

Built more than 10 years ago at a cost of about Rs16 crore, the commercial complex has been put on the block twice — in November 2009 and March 2013 — as a single unit at a reserve price of Rs197 crore.

Having failed to attract any buyer during the past decade in two public auctions, the complex lies in a state of neglect. During the intervening period, some plans were chalked out to give it on lease to the Punjab State Power Corporation Limited and the Income Tax Commissionerate, but none of these materialised.

A city-based architect and director of Ludhiana Smart City Limited, Sanjay Goel, suggested that the LIT should shift its own office to the complex. Offices of the Ludhiana Smart City Limited, Greater Ludhiana Area Development Authority and the Municipal Corporation could also be partly shifted to the complex, he added.

However, former LIT chairman Ashok Juneja said the complex should have been sold in parts immediately after its completion.

Top Stories

Nation sees more single-day recoveries than new cases

Nation sees more single-day recoveries than new cases

The total caseload mounted to 53,08,014

Amid Covid fears, parties agree to curtail Monsoon session

Amid Covid fears, parties agree to curtail Monsoon session

Reporters, parliamentary staff undergo rapid antigen test on...

NIA arrests 9 suspected Al-Qaeda terrorists from Kerala, West Bengal

NIA arrests 9 suspected Al-Qaeda terrorists from Kerala, West Bengal

Large quantities of incriminating materials have been seized...

Farm bills: Chidambaram says PM distorting Congress manifesto promise

Farm bills: Chidambaram says PM distorting Congress manifesto promise

The former FM says the two Farm Bills the Lok Sabha passed d...

Cities

View All