Ludhiana Improvement Trust gets enormous response for upcoming e-auction of its properties

Ludhiana, September 17, 2019: Ludhiana Improvement Trust (LIT) Chairman Raman Balasubramaniam today informed that they have been getting enormous response for the upcoming e-auction of its properties scheduled on September 24, 2019. He informed that a large number of people have been logging onto e-auction portal www.tenderwizard.com/DLGP and even visiting the LIT office for inquiries about this e-auction. Balasubramaniam stated that the LIT has become first improvement trust in state to start e-auction of properties and it is also for the first time, that an improvement trust is auctioning its properties through an e-auction. He said that the move aims at transparency as now the authorities won’t have any discretionary power over the auctions. The residents can participate in the auction by logging on the website www.tenderwizard.com/DLGP. The properties are registered under Real Estate Regulatory Authority (RERA). The LIT Chairman informed that the registration for participating in the e-auction is going on and any person who is interested to participate in this e-auction can get himself registered by depositing the earnest money by 2 pm on September 23, 2019. He informed that once a person is registered, he would become eligible for participating in the e-auction. Raman Balasubramaniam clarified that if a person deposit earnest money to buy a particular property, he would be able to bid for only that particular property on September 24, 2019. He informed that different earnest money would have to be deposited for buying each property and the earnest money would be refundable. He informed that the registration already started since September 10, 2019 and it would end at 2 pm on September 23, 2019. He stated that the properties up for e-auction on September 24, 2019 include 15 constructed booths in Maharishi Balmiki Nagar Scheme (256 acre), 7 constructed booths in Kitchlu Nagar Scheme (100 acre), 5 constructed booths in Shaheed Bhagat Singh Nagar Scheme (475 acre) in E-Block, and 9 constructed shop-cum-flats in Bhai Randhir Singh Nagar scheme (550 acre). He has appealed to the residents to participate in this e-auction in large numbers as these properties are being sold at half the market rate.