CHANDIGARH, January 29: Nehru Plaza, the multi-storey shopping arcade constructed at a cost of Rs 10 crore by the Amritsar Improvement Trust at Lawrence Road here, has failed to attract buyers even after 20 months of its completion and two auctions.Prospective buyers say the huge price tag put up by the Trust is keeping them away, and maintain that they are scared of making a huge investment owing to the condition of making the full payment in white money and that, too, in short-term instalments. "Income-tax inquiries could land us in trouble," one of them told ENS.The opening of a drinking bar at the Plaza entrance by an allottee has also led to many prospective buyers having second thoughts on investing here. The Plaza is also facing stiff competition from some private shopping complexes which are fast coming up in its vicinity. Not only are the terms more lucrative, even the architecture is attractive.Improvement Trust chairman S.S. Rajput attributes the low turnout of bidders to the severe slump in the market. "The Trust would not be at a loss whenever the shops are sold. It will get its investment back along with interest," he said.Though belated, the Trust authorities seem to have realised the effects of a drinking bar in front of the complex. The executive engineer of the Trust has written to the Assistant Excise and Taxation Commissioner (AETC), seeking cancellation of the licence to the drinking bar. The Trust officials admit the bar was opened without their permission.Gurmeet Singh, AETC, District II, told ENS that he had marked the letter to the officer concerned and was waiting for his report. He said the bar licence was valid till March this year and they would seriously consider the Trust's plea. He said the party concerned might not be given the licence in the next financial year.Inderbir Singh, director of the allottee company, however, said that they had not violated any norm and there was no such restriction at the time of the allotment of the shop. He said they had suitably replied to the Trust's objections.Spread over 3.5 acres, the grandiose shopping complex houses over 400 shops, of which only 20 could be sold in the first auction and two in the second auction conducted in June and August last year.Trust engineer A.S. Garewal said the reserve price of the shops was fixed between Rs 12 lakh and 18 lakh, depending on the size of the shop, and the highest bid went up to Rs 40.5 lakh. He informed that the allottees had to deposit 25 per cent of the bid money at the time of allotment and the balance in five biannual instalments. The Trust had now increased the reserve price by 12 per cent, he said, adding that the next auction may be conducted in March.
