LDA: Land auction for educational institutions
The participants of the auction will need to pay Capital Value Tax according to the government’s policy.
Bidders will have to deposit two-thirds of the remaining cost within 30 days. An extension for 30 extra days may be granted. PHOTO: APP/ FILE
LAHORE:
The auction for 18 sites reserved to set up educational institutions in private housing schemes would be held on April 8 at the Lahore Development Authority (LDA) Community Centre, New Muslim Town.
These sites measure from one kanal to 21 kanals of land and are situated in Campus View Town, Khayaban-i-Khairud-Din, Jaffar Town, Sun Flower Housing Scheme, Architect Engineers Cooperative Housing Scheme, PCSIR (Alfalah Avenue), PCSIR Phase-II, Engineering University Employees Cooperative Housing Society, Ayubia Town, Beacon House Housing Scheme, Ghousia Town, Venus Housing Scheme, Abid Town Housing Scheme, Ittefaq Town and in Quaid-i-Azam Town (Town Ship Scheme).
Parties interested in participating in the auction are required to deposit earnest money (refundable) for each plot to the LDA director general before the auction at a booth set up by the National Bank of Pakistan.
The highest bidder will be asked to deposit a third of the payment for land after the auction ends, the earnest money would be forfeited to the LDA in case of non-payment. Bidders would have to deposit two-thirds of the remaining cost within 30 days, an extension for 30 extra days may be granted if the bidder applied for the extension at least seven days before the period ends. The LDA’s decision, announced within 60 days of holding the auction, will not be taken to court.
The participants of the auction will need to pay Capital Value Tax according to the government’s policy.
Published in The Express Tribune, March 20th, 2013.
The auction for 18 sites reserved to set up educational institutions in private housing schemes would be held on April 8 at the Lahore Development Authority (LDA) Community Centre, New Muslim Town.
These sites measure from one kanal to 21 kanals of land and are situated in Campus View Town, Khayaban-i-Khairud-Din, Jaffar Town, Sun Flower Housing Scheme, Architect Engineers Cooperative Housing Scheme, PCSIR (Alfalah Avenue), PCSIR Phase-II, Engineering University Employees Cooperative Housing Society, Ayubia Town, Beacon House Housing Scheme, Ghousia Town, Venus Housing Scheme, Abid Town Housing Scheme, Ittefaq Town and in Quaid-i-Azam Town (Town Ship Scheme).
Parties interested in participating in the auction are required to deposit earnest money (refundable) for each plot to the LDA director general before the auction at a booth set up by the National Bank of Pakistan.
The highest bidder will be asked to deposit a third of the payment for land after the auction ends, the earnest money would be forfeited to the LDA in case of non-payment. Bidders would have to deposit two-thirds of the remaining cost within 30 days, an extension for 30 extra days may be granted if the bidder applied for the extension at least seven days before the period ends. The LDA’s decision, announced within 60 days of holding the auction, will not be taken to court.
The participants of the auction will need to pay Capital Value Tax according to the government’s policy.
Published in The Express Tribune, March 20th, 2013.