CDA receives healthy response to auction of plots

ISLAMABAD: The Capital Development Authority (CDA) received a healthy response for the auction of commercial plots on the second day of its grand auction on Wednesday and the authority would fetch around Rs 4.32 billion if the bids received against 10 commercial plots are approved by the CDA Board today (Thursday).

The CDA Board is the final authority to decide the fate of the bidding process.

The authority arranged the two-day grand auction of residential, commercial plots, economy flats, filling stations and other plots of different sizes and categories in developed sectors of the federal capital.

On the second of the grand auction at Jinnah Convention Centre, the authority presented 10 commercial plots for bidding.

Of four plots offered for auction in the Blue Area, commercial centre, the plot no B-3, located between sectors F-9 and G-9 and measuring 1333.33 square yards, received the highest bid of Rs 360,000 per square yard.
Plot no 6 in Blue Area, located between sectors F-8 and G-8, received the lowest bid of Rs 287,000 per square yard.

The auction process was supervised by CDA Member (Finance) Azhar Ali Chaudhry and participated by members of the committee – Member (Planning and Design) Syed Mustafain Kazmi, Member (Estate) Shaista Sohail, Deputy Director General Finance Ziaur Rehman Toor, Director Estate Management-I Naveedul Haq, Director Estate Management-II Muhammad Aslam Chaudhry and Director Public Relations Ramzan Sajid.

The commercial plot no 15 Northern Strip E-11, measuring 2,184 square yards and allocated for filling station, received a bid of Rs 84,000 per square yard, plots no 2 and 3 of Northern Strip, measuring 4833.33 square yards and allocated for apartments, received the bid of Rs 58,000 and Rs 55,000 per square yard, respectively.

Plot number 6 of Blue Area F-8/G-8, measuring 2666.3 square yards, got the bid of Rs 313, 000 per square yard.

Plot no 14 Markaz D-12, measuring 1,600 square yards, received the bid of Rs 136, 000 per square yard whereas plot no 10 Markaz F-11, measuring 888.88 square yards, received the bid of Rs 286, 000 per square yard.

Plot no 20 of Sector G-11/3, reserved for economy flats, received a bid of Rs 58,000 per square yard.

On the first day of bidding, four residential plots, measuring 272.22 square yards in Sector G-10, and six plots, measuring 355.55 square yards in the same sector, were offered for auction.

During the auction, the residential plot no 556, Sector G-10/2, measuring 355.55 square yards, received the highest bid of Rs 51,000 per square yard.

Plot no 551 of the same size and in the same sector received the lowest bid of Rs 42,000 per square yard.

Plots no 555, 554, 553 and 552, measuring 355.55 square yards each, got the bid of Rs 44,500, Rs 46,000, Rs 46,500 and Rs 44,000 per square yard, respectively.

Plot no 537, measuring 272.22 square yards in Sector G-10/2, received the highest bid of Rs 50, 000 per square yard.

The bids received against the plots would be presented before the CDA Board today, which is the final authority to accept or reject the offers.

Source: http://www.dailytimes.com.pk/default.asp?page=2012\11\22\story_22-11-2012_pg11_2