Ludhiana Improvement Trust to hold e-auction for 36 commercial properties

Properties to be auctioned at half the market price
HT Image
HT Image
Updated on Sep 03, 2019 10:23 PM IST
Copy Link
By, Ludhiana

 Battling fund crunch, the Ludhiana Improvement Trust (LIT) will auction its 36 commercial properties through e-auction at a reduced reserve price.

Informing the same, LIT chairman Raman Balasubramaniam said, “It is the first time, that an improvement trust is auctioning its properties through an e-auction.”

He said,“The move aims at transparency as now the authorities won’t have any discretionary power over the auctions.”

The e-auction will take place from September 10 till 24 (2pm). The residents can participate in the auction by logging on the website www.tenderwizard.com/DLGP. The properties are registered under Real Estate Regulatory Authority (RERA). 

The LIT has laid down a set of instructions for the auction: There should be at least three bidders vying for a property and only then the properties will be auctioned. The rights of the roof will remain with the LIT. 

The properties which are being auctioned by LIT include four corner booths, each having 19.6 sq meter area, in Maharishi Balmiki Nagar (reserve price 11.9 lakh each), 11 booths with 18.75 sq meter area in Maharishi Balmiki Nagar (reserve price 11.5 lakh).

The others properties are two corner booths with 18.75 sq meter area in Kitchlu Nagar (reserve price 14.5 lakh), five booths with 18.75 sq meter area in Kitchlu Nagar (reserve price 14.5 lakh), nine shop-cum-flats (SCF) with 151.25 sq meter area in BRS Nagar (reserve price 1.46 crore) and five booths with 18.75 sq meter area in SBS Nagar (reserve price 12.8 lakh). 

Balasubramaniam said, “These properties are being sold at half the market rate. The reserve price has been reduced as per the new guidelines of the government.”

Talking about auctioning residential properties online, the chairman said that the improvement trust will take a decision upon the issue soon.

The details regarding the e-auction will be uploaded on the website of LIT, ludhianaimprovementtrust.org. The residents can also contact the LIT office at 0161- 5255404. 

The LIT is also planning to sell off its complex in Ghumar Mandi which has become a white elephant for the trust.The complex has been lying abandoned for 13 years and the LIT had failed to sell the same in the past due to the hefty reserve price attached with it.

Earlier, the LIT had tried to auction the complex at a reserve price of around 200 crore. Balasubramaniam said, “We have made a plan to sell off the complex. We will discuss the proposal with the local bodies minister Brahm Mohindra. If all goes right, it will be the finest complex in Ghumar Mandi area.”

SHARE THIS ARTICLE ON
Close Story
QUICKREADS

Less time to read?

Try Quickreads

  • Belonging to 14th century Delhi, Khusro died at 72,

    Delhiwale: Khusro’s day

    This should start with one of his paheliyan, or riddles. In Sufism, a death anniversary is celebrated, not mourned, and the celebrations began last night in central Delhi's Hazrat Nizamuddin Dargah, where Khusro's grave lies. Khusro isn't only celebrated for his verses. Devoted to a Sufi who was disdainful of emperors, Khusro himself made his living by serving in their courts. Khusro also compiled a Hindi-Persian dictionary and composed several wordplay riddles.

  • Notwithstanding an estimated fall in the yield of up to 66% or three quintals per acre, mustard growers in Punjab are hoping to recover production losses in the coming weeks of the 2022-23 rabi marketing season following jump in rates.

    Despite 66% dip in mustard yield, Punjab farmers reaping bumper profits

    Notwithstanding an estimated fall in the yield of up to 66% or three quintals per acre, mustard growers in Punjab are hoping to recover production losses in the coming weeks of the 2022-23 rabi marketing season following jump in rates. Market watchers say farmers are being paid 6,200-7,000 per quintal which is up to 39% higher than the MSP of 5,050.

  • DSR paddy sowing method not an overnight success: PAU expert

    DSR paddy sowing method not an overnight success: PAU expert

    The Punjab government-backed water-saving direct seeding of rice (DSR) technique for sowing paddy is not an over night wonder, but a result of four years of strenuous research trials that is proving beneficial for cultivating short-duration rice varieties and is also a boon for basmati cultivation, according to the principal researcher of the project at Punjab Agricultural University, Dr Mukhtar Singh Gill.

  • A local court on Thursday sent two men arrested on espionage charges to two-day police remand.

    Held for spying for ISI, accused sent to two-day police remand

    The state special operation cell (SSOC) of the Punjab Police on Wednesday arrested Zaffar Riaz of Kolkata and his associate Mohd Shamshad of Bihar for allegedly providing information related to buildings of the various Indian military stations to a Pakistan-based intelligence officer. During this period, he got in touch with a Pakistan intelligence officer, Awais, who allured him to work for the ISI. Zaffar also introduced Shamshad to Awais.

  • Union Home Minister Amit Shah being presented a bouquet by Punjab Chief Minister Bhagwant Mann during a meeting, in New Delhi (PTI)

    CM meets Shah: 2,000 additional paramilitary personnel to be deployed in Punjab, say Mann

    Chandigarh/Delhi : Punjab chief minister Bhagwant Mann on Thursday said about 2,000 additional paramilitary personnel will be deployed in Punjab to enhance security as there have been regular inputs regarding attempts by some miscreants to create trouble in the state. The chief minister spoke about the additional deployment after a meeting with Union home minister Amit Shah in Delhi during which the latter assured him of all assistance from the central government.

SHARE
Story Saved
×
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, May 20, 2022