LDA’s Trade Centre auctioned for Rs 2.17b
LAHORE - A hotel site of Lahore Development Authority (LDA), measuring 118 kanals, was auctioned for Rs2.177 billion on Monday.
The plot is situated in the planned Finance and Trade Centre, spreading over an area of 1123 kanals near Expo Centre in Johar Town, Lahore. Reserve price for the plot had been fixed as Rs One crore and 40 laks per kanal where as it was auctioned in one crore, 84 laks and fifty thousand rupees per kanal.
Severe competition between the bidders was witnessed at this occasion.
Ms Nishat Hotels and Properties Limited offered the maximum bid for purchasing this plot whereas Ms. Daewoo Sapphire Consortium remained at the second position.
The auction proceedings were held at LDA Community Centre, 239-A New Muslim Town and were supervised by the Vice Chairman LDA, Aamir Asghar Dar. Members of LDA’s auction committee including Chief Metropolitan Planner Waseem Ahmad Khan, Director Estate Management One Muhammad Numan Khan, Director Finance Zaheer Asghar Rana, Director Estate Management Qaid-e-Azam Town Mian Mazhar Iqbal and Director Land Development One of LDA Imran Raza Abbasi conducted the auction.
The Governing Body of
Lahore Development Authority has already permitted other uses of this hotel site including setting up of an Inter City Bus Terminal, a D-Class Bus Stand for indefinite period, Super Store,
Shopping Centre and provision of other allied facilities. Lahore Development Authority has also decided to relax building bye laws for encouraging construction of high rise buildings in this new hub of business in the provincial metropolis.
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