—Liberty Petrol Pump Site auctioned at highest price with Rs40.27 million as annual rent
LAHORE: Lahore Development Authority (LDA) on Friday auctioned 18 petrol pumps in the metropolitan city for Rs332 million. LDA will receive the three-year rent of these auctioned petrol pumps in advance, local Urdu media outlet reported.
According to the report, the authority will earn Rs3 billion from this advance rent. The rent will be increased by 25 per cent after three years and in the next few years, it will reach Rs1.25 billion.
Meanwhile, the auction date for the remaining four petrol pumps will be announced soon, the report mentioned.
Under the directions of Supreme Court (SC), the auction for the leasing of 22 petrol pumps sites continued late night on Friday, in which 54 parties including representatives of oil companies took part, after submitting the advance payment for the auction.
During the event, the leasing rights of 18 petrol pumps sites were auctioned for Rs332 million.
The 2.2 Kanal petrol pump, situated opposite Liberty market, was auctioned for the highest price. The leasing auction for this petrol pump started at Rs20.18 million and was sold for Rs40.27 million as annual rent.
As per the orders of LDA Director General Amna Imran, Additional Director General Headquarter LDA Rana Abdul Shakoor, Directors State Management Khurram Yaqoob, Usman Ghani and Nauman Khan, Director Finance Ali Shehzad, Director Town Planning Azhar Ali and Directors Land Development Abdul Sattar Khan, Moazzam Rasheed, Akbar Nakkai and Ahmed Mumtaz supervised the auction.