LDA auctions eight mortgaged plots

[Salman]

LDA auctions eight mortgaged plots

Lahore :As many as eight out of the 26 mortgaged residential plots of a housing scheme were auctioned against a sum of Rs22.4 million by the Lahore Development Authority.

According to a statement issued on Thursday, open auction of 26 mortgaged residential plots of housing scheme was held in LDA Community Centre, 239-A, New Muslim Town. The auction committee, comprising director Finance, directors Estate Management and directors of Land Development LDA, conducted the auction.

Per marla base price of the plots had been estimated by the approved evaluators of the State Bank of Pakistan. The maximum bid was offered for plot No 114 Block B, measuring one kanal and 161 square feet. It was auctioned against Rs158,000 thousand per marla where as its base price had been evaluated as Rs115,000 thousand per mala. The Minimum bid was offered for plot No 17 in Block B, measuring one kanal, 12 marlas and 81 square feet. It was auctioned against Rs 108,000 per marla where as its base price had been evaluated as Rs 105,000 per marla.

Other plots were also sold at the price higher than the base price. The auction of 18 remaining plots had to be postponed because no bid was offered for them. The housing scheme is an LDA approved scheme situated on the Main Ferozpur Road, only two kilometers away from the General Hospital.