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Shop auctioned in Parking Plaza fetches Rs63.3m - Salman - 08-25-2014 12:02 PM
Shop auctioned in Parking Plaza fetches Rs63.3m
LAHORE:
Of the eight shops in Parking Plaza, Moon Market, put up for auction on Thursday, the Lahore Development Authority managed to auction only one. It was auctioned for Rs63.3 million.
The 10-storey plaza has 67 shops on two floors reserved for the shopping area. It can accommodate 400 vehicles and 500 motorcycles at a time. Many traders based in Moon Market claimed that the prices of these shops were too high. This is why the LDA had only managed to auction five shops in the plaza so far, they said.
Not a single shop was auctioned off in the first auction held in December 2013. The LDA managed to auction four shops on August 5, 2014, and one shop was auctioned on Thursday.
Muhammmad Aslam a trader based in Moon Market said they had complained about the ‘exorbitant’ prices of the shops to the LDA several times. He said it was also not fair to those who had purchased shops in Parking Plaza. He said customers would never visit a plaza that only had five shops open. He said the plaza was bound to stay empty if it didn’t lower the prices.
The LDA marketing and PR director said that evaluators approved by the State Bank of Pakistan had set the rates for these shops. He said prices had been fixed through a standard manner. He said the slow response was not due to the high rates of the shops, but because only people with declared incomes could bid for them. He said people with undeclared wealth could not participate in these auctions. He said the bids held so far had been successful and he was hopeful that the LDA would gradually be able to auction off all the shops. Separately, five commercial plots in Johar Town were auctioned for Rs17.743 million on Thursday. Four residential plots in Sabazazar Scheme were also sold for Rs25.666 million.
Published in The Express Tribune, August 23rd, 2014.