AUCTION: Mortgaged Immovable Property at Karachi

NOTE: This is an AUCTION/LEASE notice, not a procurement tender. Bidders pay the department to acquire ownership, lease, rental, or collection rights. The Banking Court III Karachi is offering for public auction a mortgaged immovable property located at Flat No. 023, 4th Floor, Royal Plaza, Plot No. SC-41, Sector 11H, North Karachi, measuring 82.50 square yards. This auction is pursuant to Execution No. 57 of 2018 in Suit No. 192 of 2015 involving House Building Finance Company Ltd. as decree holder. Items being auctioned: - Flat No. 023, 4th Floor, Royal Plaza, Plot No. SC-41, Sector 11H, North Karachi (82.50 Square Yards). The property will be auctioned on an 'as is where is basis' in the court. The market value is Rs. 2,250,000 while the forced sale value is Rs. 1,800,000. The person declared to be the highest bidder or purchaser must deposit immediately 25% of the bid amount through pay order in the name of Judge Banking Court No. III Karachi along with a copy of CNIC within the court. No cheque or cash will be accepted. The balance of the bid amount must be paid within 15 days from the date of auction. If the bidder fails to pay the balance within the stipulated time, the 25% deposit will be forfeited. All government taxes and dues will be borne by the auction purchaser. The sale is subject to confirmation by the court, which reserves the right to cancel the auction or reject any bid at its highest discretion. Interested bidders should note the auction date and ensure timely submission of earnest money and required documents. It is advisable to inspect the property beforehand and verify all legal and physical conditions to avoid any post-auction issues. Contact the Banking Court III Karachi for further details and submission instructions. Ensure compliance with all auction terms and conditions to participate successfully.