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November 27, 2020

FGEHA fetches Rs13.65b by grand auction of plots

Islamabad

 
November 27, 2020

Islamabad : Federal Government Employees Housing Authority (FGEHA) has fetched Rs13.65 billion by a grand auction of five commercial mixed-use plots in Mauve Area, Sector G-14/4, on November 25, says a press release.

The auction of commercial plots in sectors G-13 and G-14, Mauve Area was held by FGEHA, at Islamabad Sports Complex.

Overseas Pakistanis and investors from other cities also participated in the auction through Zoom. Citizens paid tokens for the auction through local representatives.

FGEHA Director General Waseem Hayat Bajwa said that for the convenience of investors, offers like quarterly installment payment and discount on lump sum payment are being offered. These plots are at the gateway of Islamabad and the location in real estate is of great value, he said.

Auction of Class III Shopping Centers at G-13 and G-14, was held on November 26, 2020. Investors showed keen interest in Class III Shopping Centre plots and participated with great enthusiasm. 14 plots of Class III Shopping Centres of over Rs2 billion were auctioned by FGEHA on the second day. This kind of participation reflected that investors have shown great confidence in the Prime Minister’s Package for Developers / Construction Industry.

With this grand auction, FGEHA envisages a big boom in the real estate industry since it has attracted attention of millions of Pakistanis around the world.

This magnificent auction is a golden opportunity for investors to invest safely. It will also boost the construction sector and more than forty related industries, and provide millions of direct and indirect employment opportunities to skilled youth, which will also help in the development of national economy and alleviation of poverty.