Land Auction: LDA raises Rs51m in plot sale

LAHORE:

The Lahore Development Authority (LDA) auctioned 15 commercial plots, a residential plot and two plots for schools in housing schemes for Rs51.3 million on Monday.

The highest bid received was Rs1.58 million per marla for commercial plot 201-D, which had a reserve price of Rs700,000 per marla. A plot in Quaid-i-Azam Town sold for Rs267,000 a marla, while its reserve price was Rs200,000 per marla.

A residential plot in Sabzazar G Block was sold for Rs387,000 (reserve price of Rs375,000 per marla); a seven-kanal plot in Naz Town was sold for Rs85,000 per marla (reserve price Rs80,000 per marla); and a 1-kanal and 10-marla plot of the Ghee Corporation of Pakistan was sold for Rs204,000 per marla (reserve price Rs200,000 per marla).

Several plots were left unsold because they attracted no bids. The auction was conducted at the LDA’s New Muslim Town office. The reserve price was set by Pakistan Bank Association evaluators.

Published in The Express Tribune, December 20^th, 2011.