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.
How to Participate in KDA’s Auction of Leased Properties?
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.
Time and Venue of KDA’s Auction
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.
The Opening Bidding Prices of KDA’s Auction
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.
- In Surjani Re-treat KDA Market in Sector 6 around 30 shops will be placed for auction. The shops range from 263 sq ft to 281 sq ft, with bidding prices starting from PKR 2,375,370 and PKR 2, 532, 960 respectively.
- In Surjani View KDA Market, there are 30 shops. The shops range from 249 sq ft to 271 sq ft, starting from PKR 2,241,000 and PKR 2,439,000, respectively.
- 12 offices in Korangi Civic Center-I in Sector 36-I will be placed for auction. The bidding for 1422 sq ft and 2848 sq ft offices will start from PKR 1,422,000 and PKR 2,848,000, respectively. For a 160 sq ft, the bidding will start from PKR 720,000.
- One residential unit is available in Gulshan Terrace in Block 11of Gulshan-e-Iqbal. It is 872 sq feet; its bidding starts at PKR 5,232,000.
Terms and Conditions of the Auction by KDA
If you are looking to participate in KDA’s auction of leased properties, then keep in mind these terms and conditions.
- The successful bidders will deposit 25% of the total amount as the first installment through a pay order in favour of KDA Public Housing Scheme.
- Once the bid is confirmed, then the second installment of 25% will have to be deposited.
- The remaining bid amount will have to be paid in two equal installments within a span of three months.
- Once the payment is done, possession of the property must be taken within three months from the date of full payment.
- If possession is not done in time, the allotment would be cancelled without issuing any notice. 10% of the total amount would have been forfeited from the deposited amount.
- Taxes will have to be paid by the allottees of KDA’s leased property auction
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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