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LIT complex to be auctioned as single unit with Rs 197 cr as reserve price

The commercial complex built by the Ludhiana Improvement Trust on 2.2 acres of land on the Rani Jhansi Road will be auctioned in a single chunk at a reserve price of Rs 197 crore.

Written by Raakhi Jagga | Ludhiana |
January 6, 2009 12:39:10 am

The commercial complex built by the Ludhiana Improvement Trust (LIT) on 2.2 acres of land on the Rani Jhansi Road will be auctioned in a single chunk at a reserve price of Rs 197 crore. The Punjab government approved the decision to sell the plot as a single unit,which was to be auctioned in chunks earlier.

The LIT has,however,delayed the auction for at least 6 months in the wake of the global financial meltdown.

Superintending Engineer (SE) GS Pandher said,“Global meltdown is the reason for the delay. We want to generate maximum profits. This is not be the right time to auction the property.”

An estimated budget of Rs 93 lakh,on the auction’s advertisements,has been sent to the Punjab government for approval.

“The trust wants to invite bidders from across the country and hence the budget is more,” reasoned Pandher.

While the construction of the commercial complex started in 2000 with a three-year deadline,the work was completed almost eight years later in 2008.

The LIT officials,however,maintain there were a few pending litigation cases that delayed the project and also increased the construction cost from Rs 3 crore to Rs 12 crore.

The complex houses a double-basement parking,showrooms,banks,shop-cum-offices (SCOs),restaurants and flats.

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