LIT auction on February 1

Kuldip Bhatia

Ludhiana, January 21

After a gap of more than two years, the Ludhiana Improvement Trust (LIT) has once again made an offer for sale of 20 properties through public auction on February 1. On the block are two primary school (institutional) sites and 18 residential plots in various schemes of the Trust – with a total floor price of about Rs 26.68 crore.

After raking in more than Rs 50 crore from the sale of residential, commercial and institutional sites in various schemes during the period February-December 2016 when at least four public auctions were conducted, the LIT did not make any offer for sale of its properties. In April 2018, an auction was proposed to be conducted for sale of 50-odd properties worth nearly Rs 28.20 crore but it was cancelled at the last minute for administrative reasons.

According to LIT officials, now being offered for sale through auction are one primary school site (area 6485 sq yd) in Maharishi Valmiki Nagar with a reserve price of Rs 19,356 per sq yd and another primary school site (area 4182 sq yd) in Rajguru Nagar having a floor price of Rs 21,740 per sq yd. The two sites, put together, have a total reserve price of Rs 21.64 crore.

The residential plots of varying sizes (64 to 171 sq yd) put on the block include one each in Maharishi Valmiki Nagar and Shaheed Bhagat Singh Nagar, six in Kitchlu Nagar and five each in Rajguru Nagar and Bhai Randhir Singh Nagar. The residential plots carry a floor price tag between Rs 18,514 and 31,560 per sq yd.

The intending bidders would have to deposit en earnest money of Rs 1 lakh before the commencement of auction to be eligible for participation.