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AUCTION: Public Auction of Mortgage Properties by Banking Court No. 1 Karachi
Tender No: Suit No. 254 of 2001, Execution No. 29 of 2003
Active Tender
Closing Date:
2026-10-11
2026-10-11
Tender Overview
- Category
- Asset Disposal & Auction / Real Estate & Property
- Sector
- Auction
- Tender Type
- Auction
- Submission Method
- Bids to be submitted in person at the auction venue on 11th October 2026
- Estimated Cost
- Rs. 30,745,000
- Source Name
- Newspaper
Location & Dates
Contact & Websites
- Contact Person
- Ahmed Sohail Mahesar, Nazir
Actions
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Tender Document
Tender Description
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 No. 1 Karachi announces a public auction of mortgage properties under Suit No. 254 of 2001 and Execution No. 29 of 2003 involving Allied Bank Limited as decree holder. The auction is scheduled for 11th October 2026 at 01:00 PM at the Mortgage Property subject to the terms and conditions outlined by the court.
Items being auctioned:
- Property No. 1: Flat No. 1, 1st Floor, Block A, Sea Breeze Plaza, Shahrah-e-Faisal, Karachi, Market Value Rs. 30,745,000
- Property No. 2: Flat No. 2, 12th Floor, Block A, Sea Breeze Plaza, Shahrah-e-Faisal, Karachi, Market Value Rs. 11,500,000
- Property No. 3: Flat No. 3, 10th Floor, Block A, Sea Breeze Plaza, Shahrah-e-Faisal, Karachi, Market Value Rs. 10,350,000
The auction will be conducted on an 'as is where is basis' with a reserve price fixed for each property. A non-refundable earnest money deposit of Rs. 45,661,000 is required for participation. The highest bidder must deposit 25% of the bid amount immediately upon acceptance, with the balance payable within 15 days. Payment must be made via Pay Order, Cash, or Cheque of a scheduled bank. No cheque or cash will be accepted on the spot.
All government taxes and dues are the responsibility of the auction purchaser. The court reserves the right to cancel the auction or reject any bid without assigning any reason.
Interested bidders should ensure compliance with all terms and bring valid CNIC and deposit proof. The auction is held under the authority of Banking Court No. 1 Karachi, with Nazir Ahmed Sohail Mahesar overseeing the process.
A practical tip for bidders: Carefully inspect the properties beforehand and ensure your earnest money deposit is ready in the correct form to avoid disqualification at the auction.
This auction provides a valuable opportunity to acquire prime mortgage properties in Karachi through a transparent legal process.