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Home / Cities / No bidder for Ludhiana Improvement Trust complex; dept earns ₹4.83 crore by auctioning 19 other properties

No bidder for Ludhiana Improvement Trust complex; dept earns ₹4.83 crore by auctioning 19 other properties

Lying vacant for almost 15 years, the complex has been put for an auction several times, but no bidder comes forward.

cities Updated: Jul 03, 2020 02:26 IST
HT Correspondent
HT Correspondent
Hindustan Times, Ludhiana
Hindustantimes

The Ludhiana Improvement Trust (LIT) complex situated on the Rani Jhansi road has turned out to be a white elephant with no bidders turning up at the e-auction.

The LIT had organised an e-auction of 51 of its properties including the complex, school site at Maharishi Balmiki Nagar, residential plots and booths on Thursday. Out of these, 19 properties including booths and residential plots were auctioned for ₹4.83 crore.

No bidder turned up for 15 of the total sites including the complex and the school site. Lying vacant for almost 15 years, the complex has been put for an auction several times, but no bidder comes forward. The LIT had also reduced the reserve price of the complex from ₹197 crore to around ₹157 crore this time. The officials said that the reserve price will be reduced further during the next e-auction.

Chairman LIT Raman Balasubramaniam said, “The bids were received for 36 properties but 17 were rejected due to low bid amount or some technical issues. The LIT has earned a revenue of ₹4.83 crore by auctioning 19 properties. The successful bidders will have to submit a 10% bid amount along with 6% cess by July 7, otherwise their earnest money will be forfeited.”

LIT TO REVIVE THE ATAL APARTMENT SCHEME

Subramaniam said the department is also working to revive the Atal Apartment Scheme in Karnail Singh Nagar where flats will be constructed for residents falling under different income groups.

The government had earlier squashed the project, but they are looking into the possibilities and a meeting has been scheduled with the officials of the local bodies department next week, he added.

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