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The Ludhiana Improvement Trust (LIT) has decided to re-auction a property on Rani Jhansi Road in Ludhiana, India, after facing difficulties in finding tenants for the multi-story structure following its renovation. The authorities had previously set a reserve price of Rs 197 crore for the building but were unable to attract buyers at that amount. Over time, the building's structure has deteriorated due to its prolonged vacancy.
LIT chairman Tarsem Bhinder stated that the officials now consider auctioning the property as the best option, shifting from their initial plans to attract banks or a multiplex to provide a consistent rental income for LIT. The building, which features a double basement and a total of 77 units including restaurants, banks, showrooms, shops, and penthouses, has become deserted. In the evenings, vendors set up their food stalls in front of the structure while leaving their cars parked there. Former LIT Chairman Raman Balasubramanium had proposed utilizing the basement of the building for parking for Ghumar Mandi, but this idea was never implemented.
In April 2018, when Pardeep Agrawal served as the LIT chairman and deputy commissioner, a plan to establish a jewellers’ market in the building was considered. In 2013, there was an option for the income tax division to open an office in the structure. Additionally, the headquarters of Powercom on Ferozepur Road was intended to be the location for a downtown project proposed by the former deputy chief minister, Sukhbir Badal, a few years ago. It was suggested to relocate the Powercom office to the LIT building.
With the re-auctioning of the property, the Ludhiana Improvement Trust hopes to find a suitable buyer or tenant who can revitalize the structure and utilize it for commercial purposes, bringing it back to life and contributing to the development of the area.
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