Ludhiana: A 77-unit derelict property failed to attract a single bidder at auction, compounding an 18-year streak of failure for the Ludhiana Improvement Trust (LIT), which expected a valuation of ₹197 crore.The state-backed developer is now forced to reconsider the reserve price, while the 2.22-acre Rani Jhansi Road property remains an abandoned eyesore after regional officials ignored internal warnings that its rigid reserve price would tank the sale. Local developers had refused to touch it even for a slashed valuation of ₹154 crore under a past administration.This untouchability has dealt a blow to the LIT’s latest revenue-raising strategy. The prime multi-floor commercial building has now survived multiple political regimes, failed conversion plans to house tax offices and jewellery markets, and an ongoing internal dispute over its worth.LIT’s chairman, Tarsem Bhinder, confirmed the auction had drawn zero interest but vowed the agency would try again. Bhinder said he’d submit a proposal to the district deputy commissioner, who heads the local rate fixation committee, “to review and potentially lower the reserve price”.Agency officials cited a broader market slowdown and an inflated reserve price for the failure. However, internal tension has emerged over the valuation. One of the officials, speaking on the condition of anonymity, said: “Senior management ignored explicit warnings to lower the reserve price before bidding had opened.”The failed sale punctures a state govt push to liquidate premium public land holdings. Bureaucrats conceded that launching the auction just a few months earlier might have capitalised on better market conditions.Located in a bustling commercial precinct, the complex features a double basement, shops, showrooms, banks, restaurants, and penthouses. Yet instead of anchoring local commerce, the property has devolved into an eyesore defined by shattered windows, broken doors, and overgrown weeds.The auction bust marks the latest chapter in nearly two decades of administrative paralysis. LIT officials said they will restructure the auction terms before attempting another sale in the coming weeks.
