CDA to get Rs2.3 billion from auction of 4 commercial plots

Islamabad

The Capital Development Authority (CDA) would receive Rs4.9 billion from the two-day auction of commercial plots, which concluded at the Jinnah Convention Centre on Wednesday. On the second and last day of auction, four commercial plots located in Blue Area received total offers of Rs2.3 billion while as many as 10 commercial plots in different locations on Tuesday were auctioned for Rs2.6 billion.

The three Blue Area plots, which were again offered for auction on Wednesday received total offers of around Rs1,430 million. The same plots were auctioned for Rs1,862 million in the last bidding exercise held about two months back, but were forfeited by the successful bidders and the civic body confiscated Rs5 million token money in each case.

Defending the low offers for these three plots on Wednesday, a senior official of CDA who is also member of the auction bidding said. “Today’s were the actual prices. The last offers were high and that is why, the bidders did not make the full payment.”

However, the sources said the involvement of property mafia is also feared in the low offers. The auction of plots is subject to approval by the CDA Board headed by the CDA Chairman Syed Tahir Shahbaz The plot no A-1 measuring 1333.33 square yards, located in extended portion of Blue Area between G-9 and F-9 received highest bid of Rs33,000 per square yard with total price of Rs439.9 million.

The plot no A-2 of Blue Area of the same size was auctioned for Rs453,000 per square yard for a total price of Rs603.9 million. Similarly, the plot no A-4 in the same location of Blue Area got maximum offer of Rs319,000 per square yard with total price of Rs425.3 million.

Another plot of no. 59 measuring 2488.8 square yards received highest bid of Rs343,000 per square yard for a total price of Rs853.6 million. This plot was offered for bidding for the first time.

The auction committee headed by Member Finance Azhar Ali Chaudhry also comprises other board members.Source: http://www.thenews.com.pk/Todays-News-6-179155-CDA-to-get-Rs23-billion-from-auction-of-4-commercial-plots