LUDHIANA: The Ludhiana Improvement Trust (LIT) has begun an extensive assessment of its key real estate holdings, including the long-dormant City Centre building in Shaheed Bhagat Singh (SBS) Nagar. This initiative is part of the Trust’s efforts to prepare for potential significant legal outcomes and to raise funds for city development through upcoming auctions.
The evaluation encompasses several valuable properties, including the multi-storey building on Rani Jhansi Road, the Trust’s headquarters in Ferozepur Gandhi Market, and the 25.5-acre City Centre project on Pakhowal Road. Sources reveal that the Delhi High Court has instructed officials to compile a list of all assets valued over ₹25,000, prompting LIT to prepare for a possible financial settlement.
City Centre project stalled since 2007
The City Centre project, initially proposed in 2005 for shopping malls and multiplexes, has been on hold since 2007 due to political controversies. Although the individuals accused were acquitted in 2017, the civil dispute with the private construction firm continues. The firm was awarded ₹1,200 crore in 2017-18, but accrued interest has risen that liability considerably. Current assessments by three independent architects place the City Centre’s value at around ₹1,700 crore, while the LIT office is valued at ₹100 crore.
Reports indicate that should the court rule against LIT, officials might contemplate transferring the City Centre land to the private firm to settle the outstanding debt. Conversely, for the property on Rani Jhansi Road, the deputy commissioner is expected to organize a meeting with the rate fixation committee to establish market value.
When reached for comment, LIT chairman Tarsem Bhinder remained cautious, stating that the issue is still under judicial consideration and that the department must await the court’s final determination.
