LDA raises Rs3.93b in property auction

Authority sells 11 commercial and two residential plots for Rs330m

LAHORE:

Lahore Development Authority (LDA) has generated a sum of Rs3.93 billion by auction of proprietary as well as lease rights of its properties on Tuesday.

The authority auctioned 11 commercial and two residential plots located in different housing schemes for Rs330 million, while another three commercial plots situated in the planned business hub of international standard, finance and trade centre, Johar Town, were auctioned for a sum of Rs3.16 billion.

The tenancy rights of various properties were also auctioned for a total of Rs444.9 million, which included rental rights of three marquee sites located in Johar Town that were auctioned for Rs85 million per annum.

The tenancy rights of three parking plazas located at Shah Alam Market and Liberty Market, Gulberg were auctioned for a total of Rs21 million per annum.

The auction of commercial and residential plots was held at LDA Community Centre, New Muslim Town. LDA auction committee members, including Directors Estate Management Sabtain Raza Qureshi and Shahid Naeem, Directors Land Development Moazzam Rashid, Ahmed Mumtaz Ali Khan and Akbar Nakai, Director Revenue Khawaja Muhammad Ali, Director Finance Muhammad Akhtar, Director Town Planning Azhar Ali and Deputy Director Land Development Rehan Athar, supervised the auction.

Published in The Express Tribune, October 7^th, 2020.