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  OPEN AUCTION


Open auction is the preferred mode for disposal of the government assets / properties (free from all encumbrances) referred to the Board. The process of open auction is comprise various key steps as under:


a) Referral of the Property to the Punjab Privatization Board:

The Punjab Privatization Board undertakes auctioning only of the properties / government assets referred to the Board by government of the Punjab. the properties / assets so referred are entered into list for disposal through open auction maintain by P.P.B.

b) Evaluation:

The referred property / government asset is got evaluated to ascertain its fair existing value. The evaluation is done by independent from various sources such as

1. NESPAK

2. Concern District Revenue Authority

The price evaluated by the assessors is taken as the base line (reserve price) for anteing the auctioning process.

c) Publicity / Advertisement:

As per standard procedure of auction, the advertisements are got published by the Punjab Privatization Board in two National Dailies at least 1 month prior to the auction. The advertisement carries all relevant details about the property, its location, amount of call deposit, place of auction and terms and conditions in brief. The same advertisement is again got published one week before the date of auction. In addition, other publicity measures like hosting of banners, distribution of handbills and use of drummers are also employed in the Districts concerned in order to attract maximum number of prospective bidders.

d) Auctioning:

The open auction is held on the notified date at the place indicated in the advertisement. Everyone is allowed to attend the auction proceedings, however, only those can participate in the auction who produce the call deposit of the requisite amount.

The auction proceedings are supervised by the following committee.

Name/Designation: Member (Colonies) Board of Revenue (Chairman)

Name/Designation: D.C.O /E.D.O (Revenue) CONCERNED Member

Name/Designation: Representative of Finance Department Member

Name/Designation: Secretary P.P.B Member

Name/Designation: Representative of the concern department whose property is being put to auction Member

In case the highest bid offer is considered reasonable, the auction committee retains the call deposit of the highest bidder and the remaining call deposits are returned to the bidders forthwith.

e) Approval of Punjab Privatization Board:

The highest bid received during the auction is placed in the next Board meeting. The Board decides about accepting or rejecting the offer keeping in view the assessed price of the property.

f) Schedule of Payments:

In case the Board approves sale of a certain property to the bidder at the price offered by him, the bidder is informed in writing about the decision of the Board and is asked to make payments in accordance with the following schedule:

First Installment (25% of the offered price) Within 30 days from issue of approval letter (amount of call deposit to be adjusted, if requested)

Second Installment (75% of the offered price) Within three months (90 days) from issue of approval letter

In case bidder pays the full amount within 30 days of the issue of letter of approval, 2% rebate on the due amount is also given to him.

g) Noncompliance to approval letter:

1. Incase the successful bidder fail to comply with stipulations of approval letter, or the schedule of payment, or any other condition of approval, the approval letter is lay able to be withdrawn any charges.

2. Incase of any discrepancy in measurement or any material fact, not in the knowledge of the buyer which is likely to affect the auction process, the bidder can apply for cancellation of approval letter. However the final decision by the Board.

3. Government can withdraw any property at any time / stage without assigning any reason for purview of auction of P.P.B.

h) Transfer of Property:

If the purchaser wants to get the whole property, or the part thereof, transferred in the name of his partners / relatives etc. He can make such a request in writing to the P.P.B at the time of paying the last installment. On completion of payments, the P.P.B requests the Board of Revenue to transfer the property in the name of auction purchaser or his nominee's. The Board of Revenue then directs the concerned District Officer (Rev.) for execution of registered sale deed in favor of the auction purchaser or his nominee's).

i) Closure:

The auction proceed are deposited into the treasury which become part of the provincial consolidated fund.




Preferred mode of disposal
 
 
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