Grand auction fails to bear fruit for CDA

ISLAMABAD – The unexpected results of ‘so-called’ grand auction of land Wednesday shattered the expectations of city managers completely and jeopardised the future course of action of Capital Development Authority (CDA).

The optimistic CDA bosses had estimated generation of revenue amounting to around Rs 4 billion from the sale of some 30 industrial, commercial, residential and other plots.

“The revenue generated would be utilised to clear off the outstanding dues of the contractors engaged on several important developmental projects including the Kashmir Highway, Park Enclave etc,” an top official of the Authority said a couple of days ago after informing about the projected revenue generation from two-day grand auction.

After two consecutive days of auction the Authority received bids worth Rs1.09 billion against 13 residential and two commercial plots. Most of the plots mentioned in an advertisement published in the press in this regard were either not presented for the auction, while some plots which were not scheduled to be auction were presented for sale on Wednesday.

None of the industrial and almost all the commercial plots except two, were not produced for the auction owing to obvious reasons.  On Wednesday, the Authority presented a total of 13 residential plots of different sizes and located in Sectors D-12, G-10, F-10 and F-6 for bidding process.

Plot no 96-A, measuring 1000 square yard in Sector F-6 received bid of Rs 134,000 per square yard, whereas, plot no 96-B located in the same sector received highest bid of Rs 103,500 per square yard.

In Sector F-6/3, plot no 3-A and plot no 75 each measuring 600 square yard got bid of Rs 77,000 and Rs 66,500 per square yard respectively.

In Sector G-10/2, six residential plots including plot nos 471-476 each measuring 355.55 square yards received bids worth Rs 52,000, Rs52000, Rs52500, Rs53000, Rs55500, and Rs59000 per square yard respectively.

In Sector D-12/3, three plots including plot nos. 356, 357 and 358, each measuring 355.55 received bids of Rs 44,500, Rs.42,500 and Rs 43,500 per square yard respectively.The auction process was supervised by Member Finance CDA, Azhar Ali Chaudhry, and participated by the members of the committee comprising of Member Planning and Design, Syed Mustafain Kazmi, Member Estate, Shaista Sohail, Deputy Director General Finance, Zia-ur-Rehman Toor, Director Estate Management-I, Naveed-ul-Haq, Director Estate Management-II, Muhammad Aslam Chaudhry and Director Public Relations.

The plots offered during the auction and bids received would be submitted before the CDA Board, which is the final authority to accept or reject the offers.

Source: http://www.nation.com.pk/pakistan-news-newspaper-daily-english-online/islamabad/20-Dec-2012/grand-auction-fails-to-bear-fruit-for-cda