The Ludhiana Improvement Trust (LIT) is making a fresh attempt to sell a long-vacant multi-storey building on Rani Jhansi Road, setting a reserve price of Rs 197 crore for the 2.2-acre property. The building has remained unoccupied for 18 years, becoming a symbol of administrative inertia despite its prime location in the city's commercial heart.
Previous Auction Failure
A 2022 bid under the previous administration had failed despite a reduced price of Rs 154 crore. The LIT's chairman, Tarsem Bhinder, confirmed that the government had approved the new reserve price. He stated, "If the new auction also fails, we will recommend a price reduction. Completing the Atal Apartments project and auctioning this building are my primary goals."
Property Features and Past Proposals
The 77-unit complex was originally designed for double basement parking, retail outlets, banks, restaurant spaces, and luxury penthouses. Over the past two decades, many reuse proposals have been abandoned. In 2013, the income tax department considered the site for its regional headquarters. In 2018, the LIT drafted plans to transform the building into a "jewellers' market." Former officials suggested converting the basement into public parking for the nearby Ghumar Mandi or relocating the LIT's own administrative offices to the site. A ‘Downtown' proposal, backed by then-Punjab deputy chief minister Sukhbir Badal, suggested housing Powercom offices to facilitate a larger urban renewal project on Ferozepur Road.
Current Auction Details
The trust's superintending engineer, Naveen Malhotra, said the bidding window will close on May 22. The LIT is betting that the buoyant commercial real-estate market will attract a buyer, but many fear the auction might once again fail to find its floor. The building's broken windows, overgrown vegetation, and deteriorating facades highlight the challenges of reviving this ghost property.
