Ludhiana: The Ludhiana Improvement Trust (LIT) has launched a fresh e-auction for its prime multi-storey commercial building on Rani Jhansi Road, slashing the reserve price by ₹15 crore to entice buyers after a string of failed attempts.The new reserve price has been fixed at ₹182 crore, down from the ₹197 crore set during an unsuccessful auction attempt in May. The e-auction process has already commenced and is scheduled to conclude on July 22, when officials will determine if the price cut attracts bidders.During the initial May attempt, a rate fixation committee headed by the deputy commissioner had recommended lowering the base price. However, the deputy commissioner suggested testing the market at the older, higher rate first. After that round drew zero bidders, LIT sought and obtained formal permission from the local bodies department to revise the pricing structure.Constructed on a 7,634-square-yard plot in a bustling commercial hub, the white-elephant property has remained completely abandoned for nearly 18 years. The building features a double basement with a 250-car parking capacity and houses 77 commercial units designed for restaurants, banks, showrooms, shops, and penthouses. Due to years of administrative neglect, the structure has fallen into deep decay, characterized by broken doors, shattered windowpanes, and wild weed growth visible from a distance.“We are attempting the auction of multi storey building once again with revised rates so we will wait for the response from the public. The rates of some other prime residential properties will also slash down seeing the poor response from the bidders,” said LIT Chairman Tarsem Bhinder.Following the poor market response, LIT is currently auditing and discussing price revisions for several other premium properties in its portfolio to make future auctions viable.
