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LAHORE, Feb 20 (APP):Lahore Development Authority (LDA) has achieved a historic milestone by collecting record revenue of over Rs. 3.55 billion in a single public auction, held on Thursday.
Under the special efforts of DG LDA Tahir Farooq, the auction process continues to show remarkable improvement. The auction was held at Expo Center, Johar Town, where 42 properties, including residential and commercial plots, educational sites, market sites, dispensary sites, apartment sites, restaurants, canteens, and salons, were successfully auctioned.
A commercial plot located on Jail Road, Gulberg V, was auctioned for 1.88 billion rupees. Additionally, an apartment site in Johar Town B-1 fetched 436.6 million rupees, while a commercial plot in Jubilee Town was auctioned for 162 million rupees. Other significant auctions included an education site in OPF Scheme A Block sold for 179.6 million rupees and a commercial plot in Civic Center, Johar Town, which was auctioned for 87.6 million rupees.
Lease rights including an education site in Mustafa Town for 20.8 million rupees, a restaurant site at LDA Sports Complex Canal West for 12.1 million rupees, and a rooftop restaurant in Moon Market, Allama Iqbal Town, for 7.7 million rupees were also auctioned. Lease rights for a school canteen in Sabzazar, a marquee site in Gujjarpura, and a sports site at Lahore Bridge were also auctioned at competitive prices.
Several commercial plots in Johar Town, Jubilee Town, Mustafa Town, Tajpura, and Sabzazar got significant bids, with values ranging from 5 million to over 37 million rupees.
LDA Auction Committee, along with senior officers supervised the auction process.The auction was attended by Additional DG Housing, Additional DG UP, Director LDA Avenue One, Director Housing, Director Revenue, Director Finance, Director Auction, and Director Education. It is pertinent to mention that LDA had collected revenue of over 2 billion rupees, in last auction, as well.