Improvement trust fails to attract bidders again
The improvement trust again returned empty handed as no bidder turned up for the auction of a commercial complex at Maharani Jhansi Road, at the improvement trust office on Wednesday.punjab Updated: Mar 06, 2013 21:06 IST
The improvement trust again returned empty handed as no bidder turned up for the auction of a commercial complex at Maharani Jhansi Road, at the improvement trust office on Wednesday.
The improvement trust had invited bidders for the auction of the 2.22-acre commercial complex with a reserve price of Rs 197 crore.
The trust was earlier unsuccessful in auctioning the same site at the same reserve price in December 2009.
The commercial complex, which has a covered area of 7,934 square yards, has two parking lots and basements. On the ground floor, there is a provision of four banks, 14 showrooms, two restaurants and two departmental stores, while the first floor houses 10 showrooms.
There is provision of 14 offices and two shops each on second, third and fourth floor in the complex, while the fifth floor has 10 residential apartments.
When contacted, improvement trust estate officer Avtar Singh Azad said, "The recession in real estate market could be the reason behind the auction's failure. Also, as the auction was being held for an already built up complex, instead of a piece of land, bidders might be hesitant."
He added the authorities now planned to sell the complex by dividing it in different units after getting permission from higher authorities.