The Faisalabad Development Authority (FDA) has finalized all necessary arrangements for the auction of its residential and commercial plots and shops located in various prime locations under its jurisdiction.
Director General FDA Muhammad Asif Chaudhary said that the auction is scheduled to take place at 11:30 a.m. at FDA headquarters here on Monday (December 23, 2024). He issued special instructions to the auction committee to ensure provision of all possible facilitation to the potential buyers during bidding process. He stressed the need for maintaining complete transparency and organization in the auction proceedings and said that this auction would include various properties such as shops located on the first and second floors, rooftop and lower ground floors of Gulistan Plaza on Millat Road.
He said that the sites in various Medina Town, Ahmad Nagar, Millat Town, Gulistan Colony No.2, Iron Market and Truck Stand on Jhang Road would be leased out for schools, banks and other public utilities.
Director Estate Management FDA Junaid Hassan Manj highlighted the auction terms and said that the participants must submit a security deposit in the form of bank draft, pay order or cash in favor of the FDA’s authorized officer before the auction.
Successful bidders were required to pay one-third of the bid amount within seven days of the auction and the remaining amount within 30 days after the Director General’s final approval, he added.
He said that the buyers would also be responsible for advance tax, stamp duty and other departmental taxes while the purchased plots could not be used for the purposes other than those specified.
He said that the plots offered in the auction were located in prime areas, making them an excellent investment option with high potential for future returns. Hence, the business professionals should participate in this golden opportunity to secure residential and commercial plots, he added.—APP
