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

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

Properties to be auctioned at half the market price

cities Updated: Sep 03, 2019 22:23 IST
HT Correspondent
HT Correspondent
Hindustantimes

 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.”