The Lahore Development Authority’s (LDA) much talked about Liberty Park and Ride Plaza built at a cost of Rs 677.475 million has run into deep trouble, as none of the 34 shops put on auction on Tuesday could be sold due to bidders’ apprehensions in light of the pending court trial questioning its construction and corruption stories related to it, Pakistan Today has learnt.
With massive publicity worth million of rupees, LDA announced to auction 34 shops, including 19 shops at the ground floor and 15 shops at the lower ground floor. Both the electronic and print media were invited to ensure transparency. The auction committee opened the bidding at 10:30am completing all relevant arrangements. But LDA officials had to eat a humble pie when not a single bidder bothered to come and participate in the open bidding.
“In a bid to pretend a good show, LDA made its employees sit on chairs placed for potential bidders. The mesmerising drama was played for a while by pitching voicing for bidding. Having observed no pleasant sign, LDA officials wrapped up the auction. Being bewildered on the dismal scene, LDA could neither announce to postpone the auction nor apprise of the next date of auction,” a senior LDA official told Pakistan Today.
“We advised LDA high-ups to put off the auction and resume the activity when court cases are settled. But free counseling is seldom welcomed. As a result, the auction proved to be flop show,” he added. Before launch of the auction, LDA Legal Advisor Waqar A Sheikh said that no stay order had been granted by any court against construction of the Liberty Park and Ride Plaza.
He said that this was just a rumour, which was totally unfounded. He said that certain elements were trying to hoodwink the public for their personal interests in an attempt to deprive the people of Lahore from this parking facility of international standards. But the open announcement made by LDA could not undo the misgivings that made their inroads in minds of the bidders. Thus the auction failed, another LDA official said.
According to data available with Pakistan Today, around 80 shops have been built in the plaza’s basement, ground and first floor, along with two restaurants on the first floor and rooftop. Some 13 ground-floor shops of the plaza had already been sold for Rs 211.45 million against the reserve price of Rs 185.3 million in an open auction.
Later, people interested in taking part in the auction, were to deposit a reserve price of Rs 1 million for each shop and Rs 3.5 million for restaurant in cash or through a pay order in name of LDA either with any branch or booth of the Bank of Punjab set up at the site.
