Ludhiana Improvement Trust to find buyer for Rani Jhansi Road property

19 Aug 2021 CW Team

The Ludhiana Improvement Trust (LIT) will make one last attempt to sell, lease, or rent out individual levels of a multi-storey property on Rani Jhansi Road. The LIT has introduced a new bidding strategy after a string of failed auctions due to a higher reserve price.

For a long time, the building's initial reserve price of Rs 197 crore rendered it unattractive to bids. No one turned up to buy it even after the price was reduced to around Rs 157 crore.

When Raman Balasubramanium (LIT chairman) came in 2019, he considered relocating his office there, but the local bodies department rejected the request due to an estimated rehabilitation cost of Rs 3 to 4 crore. After investing so much money, there was no assurance of a successful auction.

The 77-unit structure with a double basement containing restaurants, banks, showrooms, shops, and penthouses is now a ghost town with broken window glass. Street sellers take over in the evening to offer food, while guests park outside.

LIT Chairman Balasubramanium had proposed developing it into a basement parking for Ghumar Mandi as one of the several gimmicks the LIT had tried, but the plan failed. In April 2018, deputy commissioner Pardeep Agrawal, who was also the LIT chairman at the time, visited the structure and proposed to create a jewellery market within.

This location was given to the Internal Revenue Service for use as an office. A few years ago, the then Punjab deputy chief minister, Sukhbir Badal, had suggested a downtown project, which was intended to come up at the Ferozepur Road main office of Punjab State Power Corporation Limited after shifting Powercom to this unoccupied structure.

Image Source

Also read: Saturn Realtors purchases Kingfisher House for Rs 52 crore

Real Estate

02 Jun 2026

Dash Square Adds Ashley Study Furniture

Dash Square has expanded its furniture portfolio with a curated study furniture collection from Ashley Furniture Homestore. The range is designed for contemporary homes where work, study and creative activities increasingly require dedicated and well-planned spaces.The collection includes writing desks, executive workstations, storage-led study units and display shelving. It combines practicality, comfort and design to create workspaces that are functional as well as visually appealing.One setting features a light-toned desk with coordinated bookcases and storage cabinets, creating a bright an..

Suraj Estate Arm Acquires Mahim Land Rights

Suraj Estate Developers, through its wholly owned subsidiary Iconic Property Developers, has signed an MoU to acquire development rights for a land parcel in Mahim (West), Mumbai, for Rs 75 crore. The plot measures around 2,941 sq m and is located next to the company’s ongoing commercial project, Suraj One Business Bay.After amalgamation with the existing commercial development, the land is expected to generate additional saleable carpet area of around 1.50 lakh sq ft, with an estimated gross development value of Rs 800 crore. The project is expected to strengthen the company’s near-to-med..

AGNI Launches Industry Benchmarking Drive

The Association of Global NICMARians (AGNI), the alumni body of NICMAR, hosted ASPIRE 2026 in Mumbai under the theme ‘Innovation to Transformation’. The symposium brought together professionals from construction, infrastructure, real estate and project management to discuss technology, AI, sustainability and data-led decision-making.At the event, AGNI announced its vision to emerge as an industry think tank and launched initiatives including an Industry Benchmarking Programme. It also proposed a digital ecosystem with tools for innovation impact assessment, salary benchmarking, company ben..