The Karachi Development Authority (KDA) has announced the public auction of its properties in the city. It will begin on the 25th of February, 2020. This is a lucrative investment opportunity for the business community as many government-owned shops, flats and offices are up for bidding. The best part is that anyone can buy these properties. This public auction in Karachi is taking place after a lapse of 8 years. In this blog, we will provide complete details about where and when KDA’s auction of leased properties is taking place, what are the terms and conditions and the opening bidding prices of the properties.
Without further ado, let’s get started.
The process of participating in KDA’s auction is quite simple. You need to submit a pay order of PKR 100,000 in favour of the KDA Public Housing Scheme as a security deposit before the start of the auction. If you are unsuccessful in winning the deal, your amount will be refunded. But if you are successful in buying KDA’s leased property, then the amount you have paid as a security deposit will be adjusted.
Take a look at when and where KDA’s leased property auction will take place.
The public auction of leased properties by KDA is being held after 8 years! It is meant for both residential and commercial units which include shops, offices and flats in various public housing schemes in Surjani Town, Gulshan-e-Iqbal, and Korangi Town. The bidding process will begin from February 25-27, 2020 at 10:00 AM. The event will take place at the Seminar Hall, which is located on the first floor of the Civic Center Building in the heart of Karachi – Gulshan-e-Iqbal.
Before you attend the public auction in Karachi, you should know about the different property types and their opening bidding prices. According to a government official, a total of 74 properties will be placed for KDA’s auction. These include 61 shops, 12 offices and one residential unit.
If you are looking to participate in KDA’s auction of leased properties, then keep in mind these terms and conditions.
This concludes our piece on KDA’s auction of leased properties.
If you are interested in buying government-owned properties, then keep an eye out for the auction of state-owned land by the federal government, which will take place by April 2020.
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