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RAWALPINDI, Jan 26 (APP):Rawalpindi Cantonment Board has announced an open public auction for 15 residential plots located in the prime and fully developed Race Course Housing Scheme. The auction is scheduled to take place at the office of the Rawalpindi Cantonment Board on February 16, with provision of two proceedings days in case of unavoidable circumstances.
The plots on offer vary in size, ranging from 400 square yards to 705.44 square yards. Interested bidders are required to submit a refundable bid security deposit of Rs 5.0 million per plot. Only the highest and second-highest bidders’ deposits will be retained until the final decision is made by the competent authority.
The successful bidder will be required to pay 25% of the bid amount immediately upon the fall of the hammer, with the remaining 75% to be deposited within one month of receiving confirmation and sanction from the competent authority. Additional government taxes, income tax, and other applicable levies will be payable at prevailing rates. The ground rent for the plots is set at Rs 5 per square yard per annum.
RCB Officials confirmed APP that the plots are offered on a 99-year renewable residential lease.