Real estate: Lahore Development Authority sells 43 plots in open auction

Maximum bid offered at Rs1.12m per marla, minimum at Rs0.284m.

LAHORE:

The Lahore Development Authority (LDA) on Thursday sold of 43 residential and commercial plots in Sabzazar and Johar Town for Rs41.79 million.

In an auction held at the LDA Community Centre in Muslim Town, 24 residential and 11 commercial plots in various housing scheme were sold. In another auction, held at Town Hall, six residential and two commercial plots were sold.

The auction committee included the LDA finance director, the estate management director and the land development director.

An LDA spokesman said that the price of each marla of land was approved by evaluators from the State Bank of Pakistan. The highest bid received was for a 250.9 square metres commercial plot in Johar Town’s H-3 Block at Rs1.12 million per marla.

The minimum bid was for a 250.9 square metres commercial plot also in Johar Town’s H-3 Block at Rs1.11 million per marla.For residential plots, the maximum bid stood at Rs431,000 per marla for a 114 square metres plot in Sabzazar’s Block P, whereas the minimum bid was for a 209.26 square meters plot in Sabzazar’s Block D at Rs284,000 per marla.

The auction of the remaining plots was postponed indefinitely.

Published in The Express Tribune, January 27^th, 2012.