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LUDHIANA: Officials are optimistic about the commercial real estate market as they seek a buyer for a dilapidated multi-storey building that has remained vacant for 18 years.
The Ludhiana Improvement Trust (LIT) has set a reserve price of ₹197 crore for this 2.2-acre property located on Rani Jhansi Road, marking a renewed effort to sell this long-neglected landmark in the city’s commercial district. A previous attempt in 2022 under a different administration failed, even after lowering the price to ₹154 crore.
LIT Chairman Tarsem Bhinder has indicated that the government has approved the new reserve price. He stated, “If this auction does not succeed, we will consider further price reductions. Completing the Atal Apartments project and auctioning this building remain my top priorities.”
According to LIT’s supervising engineer, Naveen Malhotra, the bidding phase will conclude on May 22. The complex features 77 units designed for double basement parking, retail spaces, banks, restaurants, and luxurious penthouses. Despite its prime location, the building has become a symbol of bureaucratic stagnation.
The structure is characterized by broken windows, overgrown plants, and crumbling facades. Over the last two decades, numerous proposals to repurpose the site have been shelved. In 2013, the income tax department contemplated using it for its regional headquarters, while in 2018, plans were drafted to convert the building into a “jewellers’ market.”
Former officials had proposed turning the basement into public parking for the nearby Ghumar Mandi or relocating the LIT’s offices to the site. A ‘Downtown’ initiative, supported by the then Deputy Chief Minister Sukhbir Badal, envisioned the building accommodating Powercom offices to aid a larger urban renewal project on Ferozepur Road.
The LIT is making another attempt to stabilize its finances, betting that the city’s commercial sector is finally ready for a revitalization. However, there are concerns that the auction may once again fail to attract bidders.
This revised version maintains the original meaning while using different phrasing and structure for clarity and conciseness.
