Mardan Gears Up for Commercial Development as Prime Land Goes Up for Auction (Some Legal Considerations Apply)

musarrat ullah jan -

 

 

Mardan, Khyber Pakhtunkhwa – In a move set to boost commercial activity in the city, the Directorate General of Sports Khyber Pakhtunkhwa has announced the auction of a prime piece of land near the Mardan Sports Complex. This 8 Kanal plot, offered for a 15-year lease, is expected to attract significant interest from investors and developers, but with a caveat –  some portions of the land may be under legal dispute.

The auction will be held on July 1, 2024, at the Directorate General of Sports conference room in Peshawar Cantt. To ensure transparency and address any queries, a pre-auction meeting is scheduled for June 24, 2024, at the same venue.

Participation in the auction requires a refundable premium deposit of Rs. 10.0 million. Bidding will commence at a minimum of Rs. 10.0 million per month, and the winning bidder must pay 25% of the final bid amount within seven days of acceptance.

It's important to note that any development on the land will become the property of the Directorate General of Sports upon lease expiration. The successful bidder will also be responsible for all applicable government taxes in addition to the premium and monthly rent.

The auction committee reserves the right to reject bids without explanation. Any disputes arising during the lease period will be settled through negotiation or arbitration.

While the lease term is 15 years, there's a possibility of extension through mutual agreement between the lessor and lessee. However, interested bidders are advised to proceed with caution as certain portions of the land may be involved in ongoing legal proceedings. Seeking legal counsel is strongly recommended for a thorough understanding of the implications before participating in the auction.

This auction presents a lucrative opportunity for commercial development in a prime location bustling with sports activity. However, due to the potential legal complications, careful consideration is crucial. The Directorate General of Sports views this venture as a catalyst for the city's economic growth and the advancement of sports facilities in Mardan, but emphasizes transparency and encourages potential bidders to be aware of the legal situation.

#kikxnow #mardan #sports #land #case #courts #lease #pakistan

 

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