LUDHIANA: The Ludhiana Improvement Trust (LIT) has introduced a new e-auction for its prime multi-storey commercial building located on Rani Jhansi Road, reducing the reserve price by ₹15 crore to attract potential buyers after several unsuccessful attempts.
The updated reserve price is ₹182 crore, down from the ₹197 crore set during the failed auction in May. The e-auction is already underway and will conclude on July 22, when officials will assess whether the price reduction has garnered interest from bidders.
During the initial auction attempt in May, a rate fixation committee led by the deputy commissioner endorsed a reduction in the base price. However, the deputy commissioner advised testing the market at the initial higher rate. Following a complete lack of bidders, LIT received formal approval from the local bodies department to revise the pricing strategy.
Built on a 7,634-square-yard plot in a busy commercial district, this property has remained abandoned for almost 18 years. The building, featuring a double basement with capacity for 250 cars, contains 77 commercial units intended for restaurants, banks, showrooms, shops, and penthouses. Due to years of neglect, the structure has deteriorated significantly, evident from broken doors, shattered windows, and rampant weed growth.
“We are attempting to auction the multi-storey building once again at revised rates, and we’re keen to see how the public responds. We also plan to lower the rates for some other prime residential properties, given the poor response so far,” said LIT Chairman Tarsem Bhinder.
In light of the lackluster market response, LIT is currently reviewing and discussing potential price reductions for several other high-value properties in its inventory to enhance the viability of future auctions.
