E-auction fetches Ludhiana Improvement Trust Rs 4.63 crore

Our Correspondent

Ludhiana, July 2

Although the e-auction of built-up commercial properties, institutional sites and residential plots conducted by the Ludhiana Improvement Trust (LIT) today did not yield the desired results in terms of the number of sites/properties put under the hammer and sold, yet given the downtrend and recession in property market, especially after the Covid-19 lockdown, the outcome was more or less satisfactory. In all, four built-up booths and 15 residential plots were sold for Rs 4.63 crore at an average premium of about 25 per cent.

According to LIT officials, four built-up booths in Maharishi Valmiki Nagar were sold for a minimum price of Rs 22 lakh and above against their reserve price of Rs 12.73 lakh each.

Similarly, five residential plots measuring 83.61 square metre each in Kitchlu Nagar were taken from Rs 31 lakh to Rs 35 lakh against the reserve price of Rs 28.90 lakh each while 10 residential plots measuring 53.50 square metre in J-Block of Bhai Randhir Singh Nagar were sold for Rs 17.25 lakh (minimum) to Rs 21 lakh (maximum) against the reserve price of Rs 13.56 lakh each.

However, there were no takers for the 2.22 acre Commercial Complex on Maharani Jhansi Road with a reserve price of Rs 157.60 crore, and a higher secondary school site measuring 9224.33 square metre in Maharishi Valmiki Nagar with a reserve price of Rs 24.45 crore.

Either low bids were offered or there were no bids for other sites and plots offered for sale in the e-auction. Among the unsold sites and residential plots were 14 built-up booths in Maharishi Valmiki Nagar, five residential plots in Kitchlu Nagar and 10 residential plots in Maharishi Valmiki Nagar.