Post Reply 
 
Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
PPB to hold auction for Rs 1b property sale
12-16-2011, 02:53 PM
Post: #1
PPB to hold auction for Rs 1b property sale
PPB to hold auction for Rs 1b property sale

LAHORE - The Punjab Privatization Board (PPB) has announced to sell over seven mega state-owned properties worth Rs1 billion by the end of the current month while their auction will be held next week.
PPB Secretary M Aashiq Ch talking to The Nation said that the properties are located in Faisalabad, Pindi, DG Khan and Lahore, showing his hope that the Board will be able to receive at least 50 percent of the price of his expectations as recession in real estate business has kept the potential investors away from the market.
He said that the PPB, on average, conducts the biddings of around 10 properties in one and a half months, out of which one or two properties are sold out. But in previous years when situation was better, the board usually succeeded to sell almost half of the properties of the total put on the auction.
He said though the PPB was trying its best to sell properties through giving advertisements in print media and holding open biddings in several cities, but the worsening law and order situation and soaring inflation have lead to a slump in property business. He said that when the situation was better the PPB succeeded in selling over 12 mega state-owned properties worth Rs1 billion while overall properties of Rs4 billion have been sold out in various districts of the province, out of which Rs2.8 billion have been recovered during the last one and a half years.
He said that the board has yet to sell 64 mega and over 1,000 properties worth Rs30 billion, adding that the PPB will sell 64 mega properties on its own while rest of the small properties through respective district administrations. He said that as per rules the board was bound to sell properties on the rates evaluated by the committees in the concerned districts which is headed by the DCOs.
He said that the board has now decided to sell mega state-owned properties by dividing them into small plots. The decision was taken by the PPB as it received a lukewarm response from the buyers. He added that as the PPB is receiving a tepid response from the investors in this regard, it have sought help from the district governments and town municipal administrations to develop the properties to attract the buyers. He said that such properties of billions of rupees are situated in Lahore, Multan, Faisalabad and Rawalpindi. He said that the properties situated in Lahore comprised huge chunk of land and required immediate development and division into small plots. He stated the PPB after development work wanted to sell these properties in competitive atmosphere to attract maximum investors in the upcoming open auctions. Responding to a question, regarding 1,000 kanal property situated near to Expo Centre in Johar Town, he observed the land was owned by the Lahore Development Authority and provincial government asked the PPB to sell it.
He said that the PPB held two open auctions but no one shown any interest to purchase the huge chunk of land. After receiving disappointing response the PPB management asked the LDA to first develop and convert this land into small plots and then put it on sale in the open auction, he added.
Visit this user's website Find all posts by this user
Quote this message in a reply
Post Reply 


Possibly Related Threads...
Thread: Author Replies: Views: Last Post
  CDA earns Rs1.88b on second day of auction Salman 0 5,170 11-22-2013 05:21 PM
Last Post: Salman
  New Rules Issued For Property Transfer, Taxation And Auction Salman 0 8,872 11-12-2013 03:35 PM
Last Post: Salman
  CDA to hold three-day auction of 56 commercial plots Salman 0 12,563 11-06-2013 02:58 PM
Last Post: Salman
  CDA to hold auction of commercial plots Salman 0 11,631 10-10-2013 01:42 PM
Last Post: Salman
  CDA set to auction plots Salman 0 4,151 03-25-2013 06:25 PM
Last Post: Salman
  CDA set to auction 62 plots Salman 0 3,849 03-14-2013 05:41 PM
Last Post: Salman
  Road works: Two underpasses put on hold due to lack of funds Salman 0 5,161 11-09-2012 01:23 PM
Last Post: Salman
  Lahor Property News : LDA Auction Salman 0 4,590 09-18-2012 03:11 PM
Last Post: Salman
  Pakistan Property News :5 to 10% CGT imposed on sale of property Salman 0 6,646 06-02-2012 12:37 PM
Last Post: Salman
  Lahore Property News : LDA Plots Auction for Private Housing Schemes in Lahore Salman 0 5,864 05-09-2012 01:07 PM
Last Post: Salman
  Knowledge City projects puts on hold for land problem Salman 0 3,969 04-07-2012 12:29 PM
Last Post: Salman
  LDA to auction plots Salman 0 3,444 02-23-2012 06:20 PM
Last Post: Salman
  Auction of LDA plots, Salman 0 2,868 01-30-2012 01:37 PM
Last Post: Salman
  Lahore Property News : Commerical Plot For Auction Salman 0 3,990 01-04-2012 12:46 PM
Last Post: Salman
  Lahore Property News : Sabzazar plots auction on Dec 15, 2011 Salman 0 5,763 12-11-2011 10:48 PM
Last Post: Salman
  Lahore Property News : Auction of Commercial and Residential Plots by LDA Salman 0 5,187 12-04-2011 11:50 AM
Last Post: Salman
  Lahore Property News :’ auction on 15th Salman 0 3,326 12-01-2011 02:11 PM
Last Post: Salman
  Lahore Property News : Public Auction of Commercial Shops at Jail Road Salman 0 5,031 11-14-2011 12:03 PM
Last Post: Salman
  Backlash fears force govt to put DHA bill on hold Salman 0 4,646 10-18-2011 07:32 PM
Last Post: Salman
  Kalma Chowk: Underpass on hold over mass transit concerns Lahore_Real_Estate 0 3,669 06-06-2011 02:31 PM
Last Post: Lahore_Real_Estate

Forum Jump:


User(s) browsing this thread: 1 Guest(s)