Authorities have decided to reissue the advertisement for the sale of the Nasla Tower plot after its auction failed to attract any buyers, sources confirmed on Monday.
Despite being a prime commercial property on Shahrah-e-Faisal, no investor turned up to participate in the auction. The official assignee of the Sindh High Court had earlier published a public notice, inviting sealed bids, but none were submitted by the September 4 deadline.
The auction is being held on the directives of the Supreme Court to compensate the allottees affected by the demolition of Nasla Tower. The reserve price for the plot was set at Rs 811.2 million. The property has commercial status and approval for construction of a basement, ground floor, and nine additional storeys.
Nasla Tower was demolished in 2021 following a Supreme Court ruling that declared the building illegally constructed on a service road. In April 2024, the apex court further directed that the plot be sold to generate compensation for the residents who lost their homes.