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Friday March 29, 2024

CDA fetches Rs4.62b from auction of 22 commercial plots

By Muhammad Anis
April 28, 2016

Islamabad

The two-day open bidding of commercial plots conducted by the Capital Development Authority (CDA) ended on a success note as the civic body fetched over Rs4.62 billion from auction of 22 commercial plots.

The CDA fetched more than Rs4.6 billion from its two-day auction of commercial plots as a large number of investors enthusiastically participated in the auction process and offered record price of commercial plots which shows their confidence in transparency of the procedure and the civic body's commitment to deliverance of services.

An eleven-member auction committee, headed by Member Finance/Member Planning and Design, supervised the auction process. Member Environment, Deputy Director General Land and Estate, Deputy Director General Finance, Deputy Director General Law, Director Public Relations, Director Estate Management–II, Director Urban Planning, and Director Regional Planning were the members of the committee.

On the second day, 11 commercial plots of different sizes in the developed sectors were auctioned at a record price and fetched Rs2.4 billion. The auction of six commercial plots, however, was deferred for different reasons.

Commercial Plot No. 5-A, Class-III Shopping Centre of Sector D-12/1, measuring 133.33 square yards, was auctioned at a price of Rs3,70,000 per square yard, while Class-III Shopping Centre Plot Nos. 5-B, 8K and 8-L with same measurement were auctioned at the prices of Rs3,74,000, Rs3,46,000 and Rs3,60,000 per square yard respectively. Plot Nos. 12 and 13 of Markaz F-11 measuring 888.88 square yards each were auctioned at the price of Rs7,30,000 and Rs.7,28,000 per sq yard respectively. Plot No. 11, Markaz I-8, measuring 1244.44 square yards, was auctioned at Rs369,000 per square yard.

Similarly, Class-III Shopping Center plots No.5G and 5H each measuring 133.33 square yards of Sector G-11/3 (Bazaar No 10) were auctioned at Rs446,000 and 405,000 per square yard. Plot No. 3J measuring 1066.66 square yards of Markaz I-12 was auctioned at Rs145,000 per square yard, while plot No.18 of Markaz I-16, measuring 1351.11 square yards fetched the bid of Rs146,000 per square yard.

The auction committee will place its recommendations before CDA Board which is competent forum to approve or reject the bids.

CDA Chairman Maroof Afzal while appreciating the auction committee for conducting a successful auction said that a resonant response from the investors particularly from the business community is expression of trust in the policies of the Authority.

He said that auction of commercial plot will bring a wave of business activities in the federal capital which would not only generate more employment opportunities but will also help flourish business momentum in the city.

He said that income generated from the auction would be spent on the development of the city and new development ventures will be started to facilitate the residents of federal capital.

He further said that Islamabad is expanding day by day and CDA being the custodian of the city is committed to provide better business and residential opportunities to its residents.