A glaring testament to how crores—even billions—of rupees in public tax revenue are being squandered due to the negligence and sluggish work culture of the Improvement Trust (LIT) can be witnessed on Rani Jhansi Road, the city’s most posh and bustling commercial hub. For the second consecutive time, not a single buyer has come forward to purchase the Trust’s lavish, multi-story commercial building located here, valued at ₹197 crore. The complete absence of bidders at the auction for this prime property—worth billions—has deflated the claims made by Trust officials and casts a serious shadow of doubt over their operational methods.
**This 2.22-Acre ‘Golden’ Property Has Lain Deserted for 18 Years**
Surprisingly, nearly 18 long years have passed since the construction of this massive and magnificent structure, spanning approximately 2.22 acres; yet, to this day, the building’s fortunes remain unchanged. Due to a complete lack of maintenance, this government asset—worth crores—is now in a state of utter dilapidation. Large bushes have overgrown the entire premises; windowpanes and doors are shattered; and even in broad daylight, the building resembles a haunted ruin. Initially, officials had devised a plan to lease it out and ‘skim the cream’ (reap the benefits); however, when that failed to materialize, a decision was made to sell it in order to replenish the government exchequer. Alas, as of today, no major investor is willing to take a gamble on this ‘white elephant.’
**The ‘Ghost’ of the Reserve Price and Official Stubbornness Prove Costly**
According to sources, the LIT reopened the file for selling this building only after receiving strict directives from the state government to generate revenue by auctioning off vacant prime properties held by government departments. However, the officials’ obstinacy—and their refusal to acknowledge the ground realities of the market—have ultimately proven to be their undoing. Insiders reveal that, despite the prevailing market slump, the reserve price (minimum bid) for this building was set so exorbitantly high that even the most prominent business tycoons backed away. It is worth noting here that during the tenure of the Congress government, its valuation was even reduced to ₹154 crore; yet, even then, no prospective buyer was willing to touch it. Despite this history, officials appear to have learned no lessons from their past mistakes.
**A Vast Complex of 77 Units: The Ball is Now in the DC’s Court**
Confirming the matter, Trust Chairman Tarsem Bhinder clarified that not a single application was received during the current round of auctions—a situation he described as deeply concerning. He stated that a special proposal is now being drafted to lower the building’s reserve price, which will subsequently be forwarded to the Deputy Commissioner (DC). Since the DC serves as the ultimate authority and head of the Rate Fixation Committee, the final decision regarding this matter will now be taken at his level. It is pertinent to mention that this multi-storied edifice comprises a total of 77 VIP units—complete with double-level basement parking—including large restaurants, banks, luxury showrooms, retail outlets, and opulent penthouses. The fact that this building has remained vacant for years—despite being situated on Rani Jhansi Road, often referred to as the “heart of the city”—serves as ample proof of just how abysmally government schemes and asset management strategies are failing.
