NAB Lahore Property Auction on 15 November 2023

The National Accountability Bureau (NAB), Government of Pakistan, invites the public to an open auction of residential and commercial properties in Lahore. The auction will take place at NAB Complex, Thokar Niaz Baig, Multan Road, Lahore, on Wednesday, 15 November 2023, at 11:30 AM.

Participation and bidding: The properties will be auctioned on an “as is, where is” basis. Bidding will begin at the reserve price, and bids below the reserve price will not be accepted. Before the auction proceedings begin, bidders must deposit 5% of the relevant reserve price as earnest money through a pay order, demand draft or banker’s cheque in favour of “Chairman NAB Clearing A/c at Large.”

Earnest money deposited by unsuccessful bidders will be returned on the same day. The highest bidder’s deposit will be retained and adjusted against the purchase price. Anyone bidding on behalf of a company must submit a power of attorney duly verified and certified by the company’s chief executive officer, authorizing the bidder or agent to participate.

Payment terms: The successful bidder must pay 10% of the bid amount, excluding the earnest-money deposit, within 15 days of the auction through a pay order, demand draft or banker’s cheque in favour of “Chairman NAB Clearing A/c at Large.” Failure to make this payment will result in forfeiture of the earnest money and re-auction of the property.

The balance payment is due within 60 days. The Chairman NAB may extend the payment period to 90 days and, in exceptional circumstances, beyond 90 days, particularly for high-value properties.

Purchaser’s responsibilities: All applicable taxes, advance tax, transfer fees, duties, outstanding utility bills and other government-related expenses required for transfer of the property will be borne by the successful bidder. The successful bidder is responsible for representations concerning legal and administrative matters relating to the property.

NAB will transfer title in favour of the successful bidder after receipt of the full auction price. The competent authority or auction committee reserves the right to accept or reject any bid without assigning a reason. The auction sale is subject to final approval by the Chairman NAB.

Inspection and enquiries: Bidders may inspect the properties on any working day. Property documents and other information can be obtained from NAB Complex, Thokar Niaz Baig, Multan Road, Lahore. For further enquiries, contact the President or Secretary of the Auction Committee at 042-99232716 or 042-99232639.