Liberty Park and RideL: Plaza Arrangements finalised for auction of 54 shops

LAHORE, May 6: The Lahore Development Authority (LDA) has finalized necessary arrangements for selling rest of the 54 shops of the Liberty Park and Ride Plaza on the main Boulevard in Gulberg through an open auction on May 15.
The LDA management has set up an information and registration office on the site to provide information to interested buyers/investors about the area, location, reserve price, shops auction procedure and other information.

At least 15 shops will be auctioned at lower ground floor, 19 at ground floor and 20 at the first floor. Restaurants at the first floor and on the rooftop will also be sold through an open bidding.

In case of any query the interested parties can contact the LDA on telephone number 042-35756364 or through website www.lda.gop.pk.

Built at a cost of Rs677 million, the 11-storey plaza has been constructed on 3.17 kanal land with entrances on four sides. Apart from a facility of a stand-by generator, two capsule lifts have also been installed for facilitating visitors.

As many as 80 shops have been built in the basement, ground and first floor along with two restaurants on the first floor and on the rooftop. At least 26 shops have already been auctioned in the plaza.

The plaza has a capacity to park 308 cars. It is already operational and hundreds of people, including shoppers, visit and enjoy the state of the art facilities.

Safety and security of the people has been ensured at the plaza. The design includes open stairwells and ramps, security devices such as road blockers, car-scanners, CCTV, fire alarm and firefighting, audio/visual, emergency call buttons, potential hiding places such as underground open stairs, etc.

The parties interested in the auction of 54 remaining shops and restaurants will have to deposit an earnest money of Rs1 million for each shop, Rs3.5 million for the restaurant at first floor and Rs6.750 million for the restaurant on the rooftop of the plaza in the form of cash or pay order in favour of the LDA either before the date of auction at the plaza’s marketing office situated on the site or before the commencement of auction at the NBP’s booth at the LDA Community Center at 239-A (New Muslim Town).

The earnest money will, however, be refunded to unsuccessful bidders on the next day of auction. The highest/successful bidders of restaurants will have to deposit one-third amount of their total offered/accepted bidding money, inclusive of the earnest money at the time of auction or after seven days of the bid in the form of cash/pay order in favour of the LDA, failing which the earnest money deposited shall be forfeited by the LDA.

The successful bidders of shops shall have to deposit the two-third amount of the total offered/accepted price within 30 days of the approval of his bid by the competent authority.

However, the competent authority may allow 30 days extension in the payment timeframe provided the successful bidders submit an application for the same within seven days of the lapse of first 30 days and provide plausible justification for the delay.

The shops/restaurants will be auctioned on “as on where is basis”. The decision of the competent authority regarding the acceptance or rejection of the offered bids would be final.

The authority will make the best possible efforts to take the decision regarding the acceptance or rejection of the offered bids within 60 days of auction. The remaining terms and conditions can be read out at the time of auction and the successful bidders will be bound to accept the same.

The buyers will also deposit the advance money concerning tax/CVT (capital value tax) as per the government policy.

The auction proceedings will start at 10am by an LDA committee in the presence of media representatives to make the process transparent.

Source: http://dawn.com/2012/05/07/liberty-park-and-ridel-plaza-arrangements-finalised-for-auction-of-54-shops/