LAHORE, Nov 1: The Lahore Development Authority (LDA) auctioned 22 out of 48 mortgaged residential plots of Venus Housing Scheme against a sum of Rs56 million on Tuesday. Auction of 26 remaining plots had to be postponed because no bid was offered for them, a press release said.

The bidders participated in the auction that held under supervision of LDA vice-chairman Aamir Asghar Dar at Community Centre, New Muslim Town, here. Authority's senior officials, independent evaluators and representatives of the State Bank of Pakistan were also present.

The release said that maximum bid was offered for Plot No. 121 (Block A) measuring one kanal and 175 square feet. It was auctioned in Rs170,000 per marla whereas its base-price had been evaluated as Rs160,000 per mala.

It said that minimum bid was offered for plot No. 34 (Block B) measuring one kanal, as it was auctioned in Rs107,000 per marla against base-price of Rs105,000 per marla.

Other plots were also sold at prices higher than the base-price. The Venus Housing Scheme is an LDA-approved scheme on Ferozepur Road, two kilometres away from Lahore General Hospital towards Kasur.