LDA auctions 10 plots for Rs 55m

[Salman]

LDA auctions 10 plots for Rs 55m

LAHORE: The Lahore Development Authority (LDA) auctioned five commercial and five residential plots against a sum of Rs 55.5 million on Wednesday.
Open auction for 27 commercial and residential plots of Jubilee Town, Sabazazar, Faisal Town and Shadman as well as those located in Vegetable Market, Allama Iqbal Town, was held at the LDA Community Centre in New Muslim Town which was participated by 51 bidders, who had deposited earnest money in the form of pay orders of requisite amount for this purpose.
Tough competition was observed at this occasion as 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.
Maximum bid was offered for commercial plot No 181-I, Block A of Faisal Town, measuring 1.191 marla, which was auctioned against a total amount of Rs 5.4 million. Its base price had been fixed as Rs 1.4 million per marla whereas it fetched a price of Rs 1.89 million per marla.
Members of the auction committee including LDA Director Finance Zaheer Asghar Raana, Estate Management Directors Akbar Nakai and Muazzam Rasheed, Land Development Directors Imran Raza Abbasi and Waseem Abbas and other officers supervised the auction.