LDA to get over Rs1b on petrol pump sites lease

LAHORE: Lahore Development Authority (LDA) will get more than Rs 1 billion as advance rent of its 18 petrol pump sites for three years as the lease rights of the sites were auctioned the other day against a sum of Rs 332.6 million per year. Officials said the auction was done on the directions of the Supreme Court of Pakistan. As a result of 25 per cent increase in the existing rent after three years, this amount will increase to Rs 1.25 billion. The schedule for the auction of the rest four filling station sites will be announced very soon. As many as 54 bidders, including the representatives of oil companies and others, had deposited earnest money for participating in the auction of lease rights of 22 petrol pump sites of LDA located in various localities of the provincial metropolis.