Reserve prices for auctions revised

The Rawalpindi Development Authority (RDA) has fixed revised reserve prices for the re-auction of its parking plazas, commercial shops, and parking sites for cars, motorcycles, auto-rickshaws, and other vehicles.

The fresh auction process will commence with a 10 per cent increase in the existing rent of each property.

The decision was taken on Wednesday during a meeting chaired by Director of Estate Management Maliha Isar, who informed participants that the lease agreements for parking plazas and commercial shops were nearing expiry, making it necessary to determine new reserve prices ahead of re-auctioning.

Director of Finance Masood Ahmed said that, in accordance with rules and regulations, reserve prices should be fixed at a level that encourages maximum public participation in the auction process.

Meanwhile, the Director of Administration said renovation work and other preparatory measures were being undertaken before the auctions to maximise revenue generation for the authority.

The meeting resolved that all RDA-owned properties currently leased or rented out would have their existing rents increased by 10 per cent to establish the new reserve prices for open auction. The move is aimed at enhancing the authority's future revenue, with the additional resources to be utilised for development projects.