LIT evaluates properties worth crores ahead of key court ruling

Ludhiana: The Ludhiana Improvement Trust (LIT) has initiated a comprehensive evaluation of its prime real estate assets, including the long-abandoned City Centre structure in Shaheed Bhagat Singh (SBS) Nagar. This move comes as the Trust prepares for potential high-stakes legal outcomes and seeks to generate funds for city development through upcoming auctions. The evaluation covers several high-value properties, notably the multi-storey building on Rani Jhansi Road, the trust's own headquarters in Ferozepur Gandhi Market, and the 25.5-acre City Centre project on Pakhowal Road. Sources indicate that the Delhi high court has directed officials to compile a list of all assets valued above ₹25,000, prompting LIT to brace for a possible financial settlement.City Centre project in limbo since 2007
The City Centre project, originally conceived in 2005 for shopping malls and multiplexes, has been stalled since 2007 following political allegations. Although the accused were acquitted in 2017, the civil dispute with the private construction firm persists. While the firm was previously awarded ₹1,200 crore in 2017-18, interest accruals have significantly increased that liability. Current estimates by three independent architects value the City Centre structure at approximately ₹1,700 crore, while the LIT office is valued at ₹100 crore.Reports suggest that if the court rules against LIT, officials may consider handing over the City Centre land to the private firm to settle the debt. Meanwhile, for the Rani Jhansi Road property, the deputy commissioner is expected to convene a meeting with the rate fixation committee to determine market value.When contacted, LIT chairman Tarsem Bhinder remained guarded, stating only that the matter remains sub-judice and the department must wait for the court's final decision.MSID:: 128466957 413 |