Seven LDA plots auctioned

[Salman]

LAHORE : SEVEN out of a total of 32 commercial as well as residential plots were auctioned by the Lahore Development Authority against a sum of Rs. 65.7 million on Monday.

Open auction of commercial and residential plots of Johar Town, Sabzazar Town, Jubilee Town and Mustafa Town schemes was held at the Lahore Development Authority Community Centre, 239-A, New Muslim Town, which was participated by 88 bidders who had deposited earnest money in the form of pay orders of requisite amount for this purpose. Tough competition was observed on this occasion, as the competitors enthusiastically offered their bids. Per Marla based price of these plots had been estimated by the approved Evaluators of the State Bank of Pakistan.

Maximum bid was offered for commercial plot No 404, Block D-II, of Johar Town, measuring 16 Marlas, which was auctioned against a total amount of Rs.29.5 million.

Its per marla based price was fixed as Rs. 1.5 million whereas it fetched a price of Rs.1.83 million per Marla.

Members of the auction committee of the Lahore Development Authority, including Director Finance Zaheer Asghar Raana, Directors Estate Management-I Muazzam Rasheed and other officers, supervised the auction proceedings.

The staff of the Town Planning Wing of the Lahore Development Authority completely demolished an under-construction restaurant at plot No 550, Karim Block, Allama Iqbal Town, on Monday. The said restaurant was being built in contravention of the building by-laws.