LDA reschedules Park and Ride auction

LAHORE – LDA has rescheduled the auction of as many as 26 shops at the lower ground floor, besides the space for a restaurant at the first floor of the Park & Ride Plaza on Gulberg`s Main Boulevard.

The LDA had planned to sell the shops through an open auction on March 31, but later deferred it to April 6 due to reason best known to LDA officials. Some 13 ground-floor shops of the plaza have already been sold for Rs211.45 million against the reserve price of Rs185.3 million in an open auction on Jan 26, said a spokesman on Sunday.

People interested in taking part in the auction will have to deposit the reserve price of Rs 1 million for each shop and Rs 3.5 million for restaurant in cash or through a pay order in the name of Lahore Development Authority, either with any branch or the booth of the Bank of Punjab set up at the site.

The auction proceedings will be started at 10 am by an LDA committee in the presence of media representatives to make the process ‘transparent.’ The services of Messrs Collier International have been acquired for marketing.

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