RCB stops auction of shops due to low response by investors

RAWALPINDI: Rawalpindi Cantonment Board (RCB) could only sell three out of 10 shops put up for auction owing to low bids.

Market sources said that dismal economic conditions had caused the lukewarm response from investors for the auction of 10 shops in various areas of RCB.

The RCB received only Rs5 million in advance premiums of shops while the board adjourned the auction of seven remaining shops for owing to meager participation of public.

Around 10 shops in different markets along with an office were offered in the auction. The bid winners had to pay advance premium amount along with Rs100 per sq ft. Sources said that the RCB would build more shops on land recovered from encroachment to increase its revenue.

Earlier, the RCB had failed a similar attempt for auctioning 38 shops on advance premium and monthly rent basis.

Published in The Express Tribune, June 27^th, 2019.