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

An absurd exercise, says India as Pakistan unveils 'new map’

An absurd exercise, says India as Pakistan unveils 'new map’

‘New gambit after failure of UNSC ploy’

Economy poised for a bounce-back: Finance Ministry

Economy poised for a bounce-back: Finance Ministry

Pinning hopes on the farm sector, the report said, agricultu...

Curfew lifted from Srinagar district, restrictions due to pandemic to continue

Curfew lifted from Srinagar district, restrictions due to pandemic to continue

Order comes day after district magistrate ordered restrictio...

Civil services exam results: Haryana’s Pradeep Singh tops; 829 candidates qualify

Civil services exam results: Haryana’s Pradeep Singh tops; 829 candidates qualify

A total of 182 other candidates have been put in the reserve...

Cities

View All