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