Rooftop restaurant auctioned in 15.76 million per year

Lahore: Economic activity at the Park N Ride Plaza, Liberty Market, Gulberg, was given a boost as tenancy rights of the rooftop restaurant at its 10^th floor were auctioned by LDA in a sum of Rs.15.76 million per year.

Bid starting price for this highest rooftop restaurant of the provincial metropolis, covering a space of 9000 square feet, had been fixed as Rs. Rs.60/- per square foot per month whereas it fetched a price of Rs. 146 per square foot per month, amounting to a total of Rs. 1.34 million per month or Rs. 15.76 per year.

Owners of Manal Restaurant, set up on Margallah Top of Islamabad, offered the highest bid to get the restaurant on rent for a period of 10 years. The successful bidder will avail the facility of first six months’ rent-free use of the site. A total of six bidders participated in the bidding by depositing earnest money.

The auction was held at LDA Community Centre, 239-A, New Muslim Town, Lahore. Members of LDA’s auction committee including Chief Engineer TEPA Saif Ur Rehman, Chief Town Planner Ch. Muhammad Akram, Director Finance Zaheer Asghar Raana, Directors Estate Management Akbar Nakai and Muazzam Rasheed, Director Land Development Waseem Abbas, Deputy Director Sales and Allotments Khurram Yaqoob as well as other officers supervised the auction proceedings.

Meanwhile, a total of 12 plots including 11 commercial and one residential plots were auctioned by Lahore Development Authority against a sum of Rs. 104.2 million on Thursday.

Open auction of 21 commercial plots of Johar Town, Faisal Town, Sabazazar and Fruits and Vegetable Market Allama Iqbal Town was held at LDA Community Centre, 239-A, New Muslim Town which was participated by 38 bidders who had deposited earnest money in the form of pay orders of requisite amount for this purpose.

Staff of the Estate Management Directorate of Lahore Development Directorate retrieved a precious plot No 741 block H of Sabazazar Scheme from land grabbers on Thursday and demolished the residential building which was being constructed at site.