By signing the sale agreement of over 12.2 acres of land in Shaheed Bhagat Singh (SBS) Nagar with the central goods and services tax (GST) department, the Ludhiana Improvement Trust (LIT) has earned a whooping revenue of more than ₹149 crore.
The deal was in pipeline for around two years and the land was allotted to the department in December last year. LIT chairperson Raman Balasubramaniam and chief CGST commissioner Aruna Narayan Gupta signed the sale agreement in presence of other officials on Friday.
The CGST department will build its office and residential quarters at the site. As per LIT officials, it will be the biggest office of CGST in the northern region after Delhi. A chunk of over three-acre land has also been allotted to state GST near the site given to CGST department.
Officials said that a major portion of land allotted to CGST was under encroachments. The LIT got the land vacated in 2016 and it was initially planned to announce a housing scheme at the site. But it was decided to allot the land to CGST.
Balasubramaniam said the department got richer by ₹149 crore after this deal and this amount will be used for development works in the city. The LIT has already executed development works of around ₹200 crore in the past. This deal will further help in development of SBS Nagar as both CGST and SGST offices will be in the area.
{{/usCountry}}Balasubramaniam said the department got richer by ₹149 crore after this deal and this amount will be used for development works in the city. The LIT has already executed development works of around ₹200 crore in the past. This deal will further help in development of SBS Nagar as both CGST and SGST offices will be in the area.
{{/usCountry}}“After I joined the office, my only focus was to increase the revenue of LIT as it was even struggling to pay the salaries at that time. At present, we have around ₹200 crore in LIT’s account. In the coming time, we will earn over ₹100 crore more through different schemes planned by the department. All these funds will be used for development of the city,” he added.