FGEHA fetches Rs2.06b from auction of commercial area

ISLAMABAD: The Federal Government Employees Housing Housing Authority (FGEHA) has fetched Rs2.06 billion from auction of commercial area of EHFPRO, multi-storey residential project in Sector G-13 of the federal Capital.

After successful auction of Mauve area and Class 3 shopping centres of G-13 and G-14, FGEHA Director General Waseem Hayat Bajwa decided to go for open auction of commercial area of EHFPRO, a joint venture project of FGEHA and Progressive Motels and Resorts. The four-day auction process which ended Thursday and revenue generated from it would ensure timely completion of the project which is in progress since 2016. The Authority okayed highest bids for commercial area to the tune of Rs2.06 billion. It is one of the biggest projects of FGEHA, consisting of 3240 apartments of different sizes. The revenue raised from the bids would be used for completion of the project at the earliest and for its upkeep. This project is part of the prime minister’s vision which is to provide affordable housing to the federal government employees and the people at large.

Waseem Hayat Bajwa said the kind of participation in the auction reflected that investors have shown great confidence in prime minister’s package for developers and 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 and it would also boost the construction sector and more than 40 related industries, and provide millions of direct and indirect employment opportunities to skilled youth, which will also boost country’s economy and help in poverty alleviation.