This Prime Commercial Building Has Been Empty for 18 Years. Now Its Price Has Been Cut by ₹15 Crore.
Ludhiana, July 6, 2026: Can a prime commercial property remain unsold for nearly two decades?
That's the question surrounding one of Ludhiana's most prominent commercial buildings after the Ludhiana Improvement Trust (LIT) reduced its reserve price by ₹15 crore in a fresh attempt to attract buyers.
The authority has relaunched the e-auction of the multi-storey commercial building on Rani Jhansi Road, lowering the reserve price from ₹197 crore to ₹182 crore after the previous auction failed to receive a single bid.
Why has the reserve price been reduced?
LIT had earlier attempted to auction the property in May at a reserve price of ₹197 crore, but the auction failed to attract any bidders.
Following the poor response, the trust obtained approval from the Local Bodies Department to revise the pricing and launched a fresh e-auction with a lower reserve price.
The current auction process is underway and is scheduled to conclude on July 22, when officials will assess market response.
A commercial landmark that never found buyers
Despite occupying a 7,634-square-yard plot in one of Ludhiana's busiest commercial locations, the building has remained unused for nearly 18 years.
The property includes:
- 77 commercial units
- Double-basement parking for around 250 vehicles
- Spaces planned for showrooms, banks, restaurants and offices
- Premium penthouse units
Years of neglect have left the building in poor condition, with damaged windows, broken doors and overgrown vegetation across parts of the premises.
More price cuts could follow
LIT Chairman Tarsem Bhinder said the authority will closely monitor the response to the latest auction.
He also indicated that reserve prices of other premium residential and commercial properties may be revised if weak buyer interest continues.
The trust is currently reviewing several properties where earlier auctions received limited or no participation.
What does this mean for the market?
The latest move reflects a changing reality in commercial real estate, where location alone may not guarantee strong demand.
Government agencies are increasingly reassessing pricing strategies to improve participation in public property auctions, particularly for long-pending assets.
For investors, the outcome of this auction could indicate whether revised pricing is enough to revive interest in ageing commercial properties.
Grihik Takeaway
The ₹15 crore price cut is about more than one commercial building. It highlights how public authorities are adapting their pricing strategy when market demand falls short. The response to LIT's latest auction could influence how similar government-owned commercial properties are priced and sold in the future.