LAHORE (PR) - Lahore Development Authority earned a sum of Rs 103.9 million by selling four shops of newly-constructed Park and Shopping Plaza, Moon Market, Allama Iqbal Town and seven plots of different housing schemes through open auction on Tuesday.

The four shops of Park and Shopping Plaza, bearing numbers 47, 48, 49 and 50, fetched a total of Rs 70.5 million while their reserve price had been fixed as Rs 51.8 million. Maximum bid was offered for shop No 50 of upper ground floor, measuring 322.46 square feet. Its reserve price has been fixed as Rs 19.4 million where as it was auctioned in Rs.22.5 million. Shop No 47, measuring 321.75 square feet was auctioned in Rs 22.1 million while its reserve price had been fixed as Rs. 19.3 million. Similarly two shops bearing No 49 and 48 had been auctioned in Rs 13.1 million and Rs 12.8 million respectively.

Commercial plot No 12, situated in Vegetable Market Allama Iqbal Town, measuring 3.25 marla, was auctioned in a sum of Rs. 5.04 million. Its reserve price has been fixed as Rs.1.60 million per marla where as it was auctioned in Rs. 1.62 million per marla.

The six residential plots of Sabazazar Scheme were also sold in handsome prices. Their reserve price was Rs. 4.5 lak per marla. Three of the said plots were sold in Rs 4.75 lakhs per marla, two in Rs. 4.70 per marla where as one plot was auctioned in Rs. 4.65 per marla. The auction was participated by 28 bidders who had deposited earnest money in the form of pay orders of requisite amount for this purpose. Sever competition was observed at this occasion as the competitors enthusiastically offered their bids. Per marla base price of these plots had been estimated by the approved Evaluators of the State Bank of Pakistan.

Members of the auction committee of LDA including Director Finance Zaheer Asghar Raana, Directors Estate Management Akbar Nakai, Usman Ghani and Muazam Rasheed, Directors Land Development Imran Raza Abbasi and Waseem Abbas  as well as other officers supervised the auction proceedings which was held at LDA Community Centre, 239-A, New Muslim Town.

Meanwhile, Lahore Development Authority has dismissed three officials on account of being responsible for placing fake certified copy of mutation in property file No JTAP 3210 and their involvement in other forgeries. They include Muhammad Ramzan, Patwari, Muhammad Hanif, ex-Patwari and Waheed Ahmed, Junior Clerk. They have been proceeded against under Punjab Employees Efficiency Discipline and Accountability Act 2006.