Lahore: The Board of Revenue (BOR) has started the auction process of a total of 268 lands, Senior Member Board of Revenue Nabeel Javed told reporter on Friday.
It is worth mentioning here that the Board of Revenue will auction about 200 million properties and government lands in various districts of the province. The auction process will be completed in various districts of the province by January 2, Nabil added.
The Board will auction 21 properties worth more than Rs.100 million in various districts including Lahore and in addition, about 247 government lands will also be auctioned in various other districts. He said the bidding for the auction will be done under the supervision of the Divisional Commissioners and members of the Board of Revenue in the respective districts and the bidder will be required to deposit 5 percent of the total value of the land as a security deposit to participate in the bidding.
The successful bidder will be required to deposit 25 percent of the total price to the District Ac
tion Committees (DAC) within 7 days, Nabil Javed informed.
He said the security deposit of any bidder who fails to deposit 25 percent of the total price will be forfeited, adding that members of the Board of Revenue would monitor the auction process to ensure it is fair and transparent. He instructed that advertisements for the auction should be displayed in the relevant tehsil offices.