LDA shops auctioned

[Salman]

LAHORE – The Lahore Development Authority (LDA) Thursday sold almost two dozen shops at more than double the evaluated reserve price, probably for the first time in authority’s history.

The LDA put 23 shops, recently constructed at Cricket Stadium, Sabzazar, at open auction that was held at authority’s New Muslim Town Community Centre, where all these shops fetched Rs103.15 million against the reserve price of Rs49.9 million. Maximum bid was offered for shop No 1 which was auctioned in a sum of Rs.5.6 million whereas its reserve price had been set as Rs2.3 million.

Minimum bid of Rs3.8 million was offered for shop No 20 against its reserve price of Rs2 million. As many 122 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. Journalists were also invited for transparency.

Bidding timing was 1:30 pm to 6:30 pm. The LDA auction committee including Estate Management-I Director Muhammad Numan Khan, Land Development-I Director Imran Raza Abbasi, Land Development-II Director Liaqat Randhawa, Land Developmen IV Director Rizwan Nazir, Finance Director Zaheer Asghar Raana and Quaid-e-Azam Town Estate Management Director Rafid Malhi supervised the auction proceedings.