LDA auctions 28 properties for Rs 354.153m

A total of 28 properties, including 25 commercial plots, one residential plot of block F One Johar Town and two residential plots of Venus Housing Scheme (Private) were auctioned against a sum of Rs.354.153 million by the Lahore Development Authority on Wednesday.

Open auction of 55 residential and commercial plots of different housing schemes was held in LDA Community Centre, 239-A, New Muslim Town which was participated by 113 bidders who had deposited earnest money for this purpose. Sever competition was observed at this occasion as the competitors enthusiastically offered their bids.

Per marla base price of these plots had been estimated by the approved Evaluators of the State Bank of Pakistan. Among the 25 commercial plots of Johar Town, Mustafa Town and Model Town Extension Scheme, which were auctioned at this occasion, maximum bid was offered for commercial plot No 305/35 block H3 of Johar Town, measuring 250.90 square meters, which was auctioned against an amount of Rs.30.912 million. Its base price had been fixed as Rs. 1.3 million per marla where as it fetched a price of Rs. 2.575 million per marla.

Residential plots No. 181 of block F One Johar Town, was sold against a sum of Rs. 10.12 million at this occasion at the rate of Rs.0.506 million -per marla against the reserve price of Rs. 0.50 million.

Two residential plots of Venus Housing Scheme (private) Ferozepur Road were also auctioned at this occasion. Maximum bid was offered for plot No 104 of A block, measuring two kanals, six marlas and 120 square feet, which was auctioned against a total amount of Rs.10.120 million.

Members of the auction committee of LDA including Directors Estate Management Muhammad Numan Khan and Rana Usman Anver, Director Finance Zaheer Asghar Raana and Directors Land Development Imran Raza Abbasi and Liaqat Randhawa supervised the auction proceedings. A total of 113 bidders who had deposited pay orders of requisite amount for participating in the bid took part in the auction and serious competition was observed at this occasion.

For ensuring transparency in the whole proceeding, journalists had also been invited to witness the proceedings.