Ludhiana Improvement Trust rakes in ₹130 crore from auction of 29 properties

A total of 71 properties were up for grabs, but 33 among these did not find the mandatory three bidders, following which 38 properties were put up for sale

As many as 29 residential and commercial plots, besides booths were sold in Ludhiana Improvement Trust’s latest e-auction on Monday, fetching the authority ₹131 crore.

Bidding opened at 9am and closed at 3pm with 29 properties being successfully auctioned. (HT Photo)

A total of 71 properties were up for grabs, but 33 among these did not find the mandatory three bidders, following which 38 properties were put up for sale.

Bidding opened at 9am and closed at 3pm with 29 properties being successfully auctioned.

Bids for the remaining nine properties were rejected as trust officials were not satisfied with the bid amount, citing it was much lower than the anticipated revenue.

The residential plots carved out of a school site in SBS Nagar were also sold after the trust got a local court’s stay vacated. Residents had previously moved court against the local bodies department’s move to sell land allotted for a school.

LIT chairman Raman Balasubramaniam said the entire e-auction process was conducted with videography in the presence of a revenue department employee. “The auction of properties is subject to approval of the state government and local bodies department,” he added.