AUCTION: Public Auction of Mortgaged Property by Faysal Bank Limited Lahore

NOTE: This is an AUCTION/LEASE notice, not a procurement tender. Bidders pay the department to acquire ownership, lease, rental, or collection rights. Faysal Bank Limited is conducting a public auction of a mortgaged property located in Lahore to recover outstanding mortgage dues. The auction is being held under Section 15 of the Financial Institutions (Recovery of Finances) Ordinance, 2001. The mortgaged property belongs to Mr. Muhammad Ali Ashiq, resident of House No-23, Street No-4, Mohallah Baitul Mehboob, Wara Sattar, Bagbanpura, Lahore. The bank's registered office is at Faysal House Street No.2 Shahrah-e-Faisal, Karachi, with an office at Malhi Road, Gulberg-II, Lahore. Items being auctioned: - Land/property bearing No House measuring 6 Marla - Detailed area measuring 5 Marla - Khewat No-78, Khatooni No-268 to 270 - Qitat 15, share as 1125/427950 out of total measuring 95-K-02M - Area measuring 1 Marla, bearing Khewat No-102, Khatooni No-316 to 346 - Qitat 52, share as 225/106033 out of total measuring 235-K-12M-113 Sqft The property is situated at Hadbust Mouza Kotli Khasi, Tehsil Shalimar District, Lahore, including all present and future constructions, fittings, fixtures, appurtenances, rights, privileges, benefits, easements, and interests attached thereto. The auction schedule is as follows: Date of proclamation on site is 2nd October 2026, auction date is 4th November 2026 at 02:00 PM, and the place of auction is at the site. Terms include a reserve price of Rs. 6,480,000 with no bids accepted below this. Earnest money of Rs. 300,000 in cash or pay order must be deposited before bidding along with CNIC copy. The highest bidder will be declared successful and must deposit 25% of the bid amount within 2 business days, with the balance due within 15 days. Failure to pay will result in forfeiture of earnest money and re-auctioning of the property. The property is sold on an 'as is where is' basis. The successful bidder is responsible for all duties including Federal Taxes/FBR Taxes if applicable. Interested bidders should carefully review the mortgage deed and documents. The auctioneer reserves the right to adjourn proceedings without assigning reasons. This auction provides a valuable opportunity for bidders to acquire a prime mortgaged property in Lahore. Bidders should ensure timely submission of earnest money and prepare for on-site auction attendance. Verify all legal and financial obligations before bidding to avoid forfeiture risks.