News

Check out market updates

Park & Ride Plaza Liberty shops auction tomorrow

AUCTION of 34 shops of Park & Ride Plaza Liberty will be held on Tuesday morning, said a spokesman of Lahore Development Authority here on Sunday.

While quoting the LDA’s legal advisor, he said there was no stay order in any court against the plaza. He said some people filed a writ petition in the Lahore High Court (LHC) to protect the interests of six local shopkeepers, which was against the public interest. He said the plaza had parking capacity for more than 300 vehicles at a time.

About the auction of 19 remaining shops of ground floor and 15 shops of lower ground floor, he explained that a bidder would have to deposit Rs 1 million in advance as security before the auction and the security money would be returned to the depositor on next day.

The successful bidder would have to deposit one third of the total amount within seven days and the remaining amount within 30 days of the auction. The security money would be confiscated if the successful bidder failed to deposit the remaining amount in the given period. However, the authority concerned have the right to extend the grace period, if the bidder would submit written application within seven days after the expiry of the given time.

Discuss, analyse & share your views (kindly avoid sharing your email & contact number for your safety)