The Ludhiana Improvement Trust is struggling to dispose of its properties which are getting poor response from buyers. The fact was proved yet again when not even a single bidder came to LIT office at Feroze Gandhi market where eight sites were put on auction on Tuesday. The sites included SCFs (shops-cum-flats),coal depot,school site,booths and site for booths worth crores but not even a single bidder for any of the site came for auction after which the auction was finally cancelled.
On offer at the auction was a coal depot located in Model Town extension at a reserve price of Rs 59,04,000. A school site in Kidwai Nagar was priced at Rs 9.81 crore but no one came to bid for it too.
Five SCFs situated in Bhai Randhir Singh Nagar priced at Rs 2.95 crore each were too put on auction but with no response. Five booths in Shaheed Bhagat Singh Nagar costing Rs 66.33 lakh each also failed to get any response.
Three sites in Maharishi Balmiki Nagar,including a booth site worth Rs 37.83 lakh,two constructed booths worth Rs 48.62 lakh each and two booths worth Rs 44.20 lakh each were also not able to attract any bidder. In addition to this,four constructed booths in BRS Nagar worth Rs 29.01 lakh each too were an addition to the list.
However,Buta Ram,sub-divisional officer,LIT,said,There is an overall slump in the property market. A new date of auction for the same sites will be announced soon.