In a significant move, the Ludhiana Improvement Trust (LIT) has decided to auction its multi-story commercial building on Rani Jhansi Road, marking a return to a sale strategy for a property that has remained largely vacant since its completion in 2008. This decision comes after nearly two decades of failed attempts to find tenants, including jewellers and government offices, for the city's most famous vacant landmark.
A History of Failed Proposals and Shifting Strategies
The 77-unit building, featuring a double basement, showrooms, restaurants, and penthouses, has become a symbol of administrative stagnation. Despite being finished 18 years ago, the site has fallen into disrepair, with broken glass and deserted hallways characterising its current state. The property's history is a chronicle of unrealised plans.
In 2013, a proposal to turn it into the income tax department headquarters was rejected. By 2018, a plan to convert it into a specialised "Jewellers' Market" failed to launch. In the late 2010s, the proposed relocation of Powercom offices to this building was never implemented. More recently, a plan to use it for parking for Ghumar Mandi and as the LIT headquarters was also abandoned. Former LIT chairman Raman Balasubramanium's suggestion to utilise the basement for public parking to ease congestion in Ghumar Mandi market never moved beyond the proposal stage.
New Auction Strategy Under Revised Leadership
LIT chairman Tarsem Bhinder confirmed the new auction strategy for this troubled asset following discussions with Sanjeev Arora, the Ludhiana West lawmaker recently appointed as Punjab's local bodies minister. Officials believe the recent development of major commercial complexes in the vicinity has finally created a viable market for the property, making a sale feasible.
Key details of the upcoming auction include a review of the price, with officials evaluating whether to reduce the reserve price to attract a broader range of bidders. The trust currently plans to proceed without a new assessment from the rate fixation committee. Formal meetings to finalise the auction terms are expected later this month, following Bhinder's return from election duty in Gujarat.
Hopes for Revitalising a Prime City Asset
By returning the building to the auction block, LIT officials hope to finally offload an asset that has been a financial drain, often described as a "white elephant" for the city's treasury. The pivot back to an auction marks a clear shift from previous strategies that focused on leasing, which were hampered by the property's high reserve price.
The decision represents a critical attempt to revitalise a prime piece of real estate in the heart of Ludhiana, potentially bringing a long-standing eyesore back into productive use and generating revenue for the Trust. The outcome of this latest auction attempt will be closely watched, as it seeks to close a chapter of administrative indecision spanning almost two decades.
