LDA auctions various plots worth Rs 699 million

[Salman]

Lahore Development Authority (LDA) has generated a sum of Rs 699 million through auction of different plots on Wednesday. Highlight of the day was the auction of three big commercial plots of Finance and Trade Centre, Johar Town, Lahore, the first ever planned business hub of the country, which was auctioned in a sum of Rs 649 million, disclosed a LDA spokesperson.

Maximum bid was offered for a corner plot, which was auctioned in a total of Rs 253 million. Per Marla bid starting price for this plot had been fixed as Rs 1.3 million whereas it attracted a price of Rs 2.503 million per Marla. A total of 13 plots, including eight commercial and five residential plots of various housing schemes, were also auctioned at this occasion in an amount of Rs 56.29 million.

Among the eight commercial plots, maximum bid was offered for a plot in Sabazazar measuring 2.03 Marlas, which was auctioned against a total amount of Rs 4.06 million. Its base price had been fixed at Rs 1.2 million per Marla whereas it fetched a price of Rs 2.0 million per Marla. Among the five residential plots, maximum bid was offered for a plot in Sabazazar. Its reserve price had been fixed at Rs 0.45 million per Marla but it was auctioned at the rate of Rs 0.605 million per Marla, bringing a total price of Rs 6.036 million.

The auction was held at LDA Community Centre. A total of 59 bidders deposited the earnest money for taking part in the auction. 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.

Members of LDA's auction committee, including Chief Town Planner Chaudhry Muhammad Akram, Director Finance Zaheer Asghar Raana, Directors Estate Management Akbar Nakai, Usman Ghani and Muazzam Rasheed, Director Land Development Imran Raza Abbasi, Khawaja Tauqeer and Muhammad Asad Ameer, Deputy Director Sales and Allotments Khurram Yaqoob, supervised the auction proceedings.

Copyright Business Recorder, 2014