The Ludhiana Improvement Trust (LIT) has failed to get any bidders for the commercial complex at Rani Jhansi Road, which was put for auction for the fourth time on Friday.
The LIT had organised an e-auction for 74 of its properties out of which 35 properties including, shop-cum-flats, plots, and booths, were auctioned for ₹50 crores.
The complex at Rani Jhansi road has turned out to be a white elephant for the authorities as the LIT are not being able to attract any bidders for it even after reducing its reserve price from ₹197 crore to ₹157 crores. The complex, spread in around 2.2 acres of land, is one of the prime properties of LIT. It was constructed nearly 13 years back at around ₹16 crores.
LIT chairman Raman Balasubramaniam said, “The report has not yet been compiled but the LIT has roughly earned ₹50 crores by auctioning 35 properties. The amount will be used for development works.”
Speaking of the complex at Rani Jhansi road, the chairman said that the matter would now be discussed with the state government to take the final call on whether to reduce its reserve price even further or sell it in parts.
{{/usCountry}}Speaking of the complex at Rani Jhansi road, the chairman said that the matter would now be discussed with the state government to take the final call on whether to reduce its reserve price even further or sell it in parts.
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