The Lahore Development Authority auctioned 11 plots, including nine commercial and two residential plots, against Rs 124.72 million on Thursday. The maximum bid came for the corner plot, located in the Civic Centre Block, in Jubilee Town, measuring 21 marlas, which was auctioned for Rs 35.178 million. Its bid starting price was fixed at Rs 1.595 million per marla but auctioned for Rs 1.61 million per marla.
Tenancy rights of the newly constructed four storey community centre (on a 3.5 kanals piece of land at Civic Centre Garden Town) were auctioned against Rs 11.23 million per year but the bid starting price was fixed at Rs 10 million per year.
Up to 39 bidders took part in the auction and sever competition was observed since the competitors enthusiastically offered their bids. Per marla base price of these plots was estimated by the approved Evaluators of the State Bank of Pakistan.
Auction committee Members of the authority, including Directors of Finance, Estate Management and Land Development Zaheer Asghar Raana, Moazzam Rashid, Akbar Nakai, Usman Ghani and Nadeem Abbas Bhangu and Muhammad Asasd Ameer and Muhammad Mohsin Bilal supervised the auction.
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