CDA receives lacklustre response from bidders

ISLAMABAD – The city managers Tuesday experienced an unprecedented situation, indeed a setback, where ‘uninterested’ buyers and investors rather offering bids against residential and commercial plots preferred to play role of silent spectators, on the first day of two-day auction of land organised by the Capital Development Authority (CDA).

On Tuesday, the authority presented a total of 11 residential and commercial plots for bidding to the buyers. Out of which bids were received against three commercial plots including a plot meant for the establishment of filling station. While buyers showed no interest in rest of eight plots. The situation forced the auction committee headed by CDA Member Finance to wrap up the ‘selling spree’ for the day.Though the Authority was supposed to offer only nine residential plots on the first day of auction, the auction process was confused through including commercial plots in it, an official said.

In his short comment over the situation, the official said, “In my opinion, the time selected for the auction was not appropriate, as the last auction of land was held just 28 days ago.

Also the auction process was confused by presenting residential and commercial plots on the same day.”

He said relatively less number of bidders at the day than the usual one also adversely affected the bidding process.

CDA Spokesperson Ramzan Jakhar while talking to The Nation said he was not aware of the exact details of bids received; however, he said situation would be clear after the completion of the auction process.

Earlier, the Authority had decided the auction of industrial, commercial, residential and other plots during two-day auction that was scheduled for December 18 and December 19.

The Authority had planned to present a total of 30 plots, including 11 commercial, 9 residential, three industrial, four automobile workshops, one agro-farm, and one plot each meant for construction of a wedding hall and a filling station during two-day auction.

However, the auction committee later withdrew some of the plots after the announcement of auction for some unknown reasons.

A CDA Community Centre located at Street 9, I-10/3 would also be presented for auction on Wednesday (today). This plot will be auctioned under the category of industrial plot.

The Authority has announced the auction of commercial plots including plot numbers 328, 331, 373, 376 and 395 located in Sector I-10/4, plot nos. 1-D & 1-E in Sector F-10/2, plot no. 40-E in Sector G-9 Markaz, plot no 25-C located in Sector G-10 Markaz, plot No. 6 at Blue Area F-8/G-8, and plot No. B-2 in Blue Area F-9/G-9 and industrial plots including plot Nos. 94-C and 152-A located in Sector I-10/3.

Residential plots including plot Nos. 471, 472, 473, 474, 475 and 476 located in Street 9 of Sector G-10/2, plot nos. 478, 479 and 480 in Sector D-12/4, plot Nos. 1 and 2 situated in Street 3-A of Sector F-10/2, plot Nos. 2-A and 3-A in Sector F-6/3 were also selected for auction.

Four plots including plot Nos. 1, 2, 115, and 116 located in Sector I-10/3 and meant for the establishment of automobile workshop, an agro farm plot No. 73 in Orchard Scheme, Benazir Bhutto Road, a wedding hall plot in Sector G-10 were also announced to be auctioned.

The civic agency had organised last auction of land on November 19 and November 20, 2012 during which the Authority had earned Rs2.8 billion by auctioning five residential and seven commercial plots. The CDA has recently shortened payment schedule against auctioned plots.

For financial year 2012-13, the Authority had estimated generation of funds amounting to Rs21 billion from the sale of its land.

Source: http://www.nation.com.pk/pakistan-news-newspaper-daily-english-online/islamabad/19-Dec-2012/cda-receives-lacklustre-response-from-bidders