E-auction of building: LIT to decide on price

Ludhiana: Ludhiana Improvement Trust (LIT) is waiting for the meeting of the rate fixation committee chaired by the deputy commissioner before announcing e-auction of its multi storey building at Rani Jhansi Road. LIT officials want to make another attempt to auction the building, the cost of which is estimated to be Rs 200 crore. They are optimistic about their prospects.The building, which is over a decade old, is in a dilapidated state. It has not been used for years. Earlier, the LIT planned to renovate the building but decided to attempt an auction as renovation was proving to be expensive. An official said that earlier, they wanted to give the building to some bank or other company but they would have to renovate the building to do so. Even then, they could not be sure of finding tenants. He expressed the hope that the auction would be successful. LIT chairman Tarsem Bhinder said, “We want to auction this property as it is located at a prime location and there are chances of buyers taking it up as the market is up at this time. Also, many many multi-storey buildings have come up on this road, so our chances are bright.” He added they have proposed the rate of Rs 200 crore but the DC could increase it to some extent.However, deputy commissioner Sakshi Sahwney said, “The LIT chairman has to fix the meeting and we can decide on the rate afterwards. I had already fixed rates for two properties to be auctioned.”The building has a double basement and 77 units, including restaurants, banks, showrooms, shops and penthouses. Still, failure to use it properly led to its degeneration. Construction of the building was completed in 2008. Repeated attempts to auction the property have failed. Former chairman, LIT Raman Balasubramanium’s proposal to develop parking for Ghumar Mandi in the basement of the building was not implemented. He had also proposed shifting of the LIT office to this building. In April 2018, there was a plan to develop a jewellers’ market in the building. In 2013, an offer was made to the Income Tax department to establish their office at the site. A few years ago, former deputy CM Sukhbir Badal proposed a downtown project which was supposed to come up at the main office of Powercom on Ferozepur Road. There was also a proposal to shift the Powercom to this building.