Lahore: The Lahore Development Authority (LDA) has announced to hold auction of commercial and residential plots in Allama Iqbal Town, Johar Town, Mustafa Town, Jubilee Town, Tajpura and Model Town Extension and land for educational institutes in Sabzazar on December 4, 2018, according to a publication. The auction will be held at LDA Community Central in Ayubia Market, New Muslim Town at 10 AM.
Those looking to take part in the auction are required to submit the guarantee money mentioned against each plot in the publication. For commercial plots, the guarantee money ranges from PKR 200,000 to PKR 7,615,000. The amount to be paid on the spot for residential plots falls between PKR 500,000 to PKR 1,830,000. Guarantee money, which is refundable for everyone except for the one who gives the highest bid, can be paid in the form of cash, pay order or demand draft.
Among the commercial plots to be auctioned, three are located in Allama Iqbal Town, three in Johar Town, five in Mustafa Town, four in Jubilee Town, and eight in Tajpura. Out of the seven residential plots to be auctioned, two are located in Model Town Extension Block Q, one in Johar Town Block R, and four in Jubilee Town Block B, while the plots meant for educational institutes are located in Sabzazar Blocks H and B.
As per the terms and conditions shared at the end of the publication, the LDA holds the right to approve or disapprove any bid and share the status of the bid in minimum of 60 days after the auction is held. Furthermore, the bid winner will be required to make one third of the plot’s total payment within 7 days after the auction and the remaining amount with 30 days.
The detailed terms and conditions will also be read out before the auction starts on December 4, 2018. While more information about the auction, details on the guarantee money of each plot, minimum amount of the bid to start for these plots, and the terms and conditions for the auction are also available on the official LDA website.
