KARACHI: The auction of the Nasla Tower plot failed to generate investor interest, prompting authorities to announce that a new advertisement will be issued for its sale.
According to officials, no buyers participated in the auction of the commercial property located on Shahrah-e-Faisal. The Official Assignee of the Sindh High Court had earlier invited sealed bids through a public notice, but none were received by the September 4 deadline.
The auction is being conducted under the directives of the Supreme Court to ensure compensation for the allottees affected by the demolition of the high-rise. The reserve price of the plot had been fixed at Rs811.2 million. The property is categorized as commercial land, approved for the construction of a basement, ground floor, and nine additional storeys.
Nasla Tower was demolished in 2021 on the Supreme Court’s orders after it was declared an illegal construction on a service road. In April 2024, the court also instructed that the plot be sold to generate funds for compensating displaced residents.
With no interest from potential investors, authorities are now moving ahead with plans to re-advertise the plot for auction.
