Auction of Mortgaged Property at Canal Bank Housing Scheme, Lahore Cantt

NOTE: This is an AUCTION/LEASE notice, not a procurement tender. Bidders pay the department to acquire ownership, lease, rental, or collection rights. The Bank of Punjab is offering for public auction a mortgaged property located at Canal Bank Housing Scheme, Secured Block, Lahore Cantt. This auction is conducted under Section 15 of the Financial Institutions (Recovery of Finances) Ordinance, 2001. The mortgaged property belongs to Mr. Adil Javaid S/o Javed Akhter (Late) and is situated at House No. 98-A, Canal Bank Housing Scheme, Saeed Block, Lahore Cantt. Items being auctioned: - Mortgaged property at House No. 98-A, Canal Bank Housing Scheme, Secured Block, Lahore Cantt The outstanding mortgage amount as of July 2026 is Rs. 44,531,220.04. The auction will be conducted by M/s Fazal Mahmood & Co. Chartered Accountants. The reserve price for the property is Rs. 56,928,750/- and no bid below this reserve price will be accepted. Bidders must deposit Rs. 3,000,000/- as earnest money in cash or pay order before participating in the auction. The successful bidder will be responsible for all duties, taxes, and registration charges. The auction date is 2nd November 2026 at 10:00 AM at The Bank of Punjab, 8th Floor, M.M Tower, M.M Allam Road, Gulberg-II, Lahore. Interested bidders should ensure they meet all eligibility criteria and submit their bids accordingly. This is a valuable opportunity to acquire a prime property in Lahore Cantt through a transparent public auction. Bidders are advised to carefully review all terms and conditions, including earnest money requirements and payment schedules. For successful participation, ensure timely submission of all required documents and payments. This auction is ideal for investors and developers seeking property in a prime location with clear legal standing.