Aziz said that a comprehensive strategy had been evolved to establish more grounds in sectors. PHOTO: INP
However, participation from investors remained lacklustre and the civic body had to put off auctions for seven plots after reportedly receiving low bids.
The two-day auction by the CDA commenced at the Jinnah Convention Centre on Tuesday.
The civic body had offered a total of 15 plots to investors. However, CDA only accepted bids for eight plots on Tuesday after getting good deals. Bidding on the remaining seven plots was deferred after they fetched low offers from investors.
A nine member committee of the civic body headed by member Finance, Fahad Aziz supervised the auction proceedings. Members and senior officials of different wings and directorates of CDA also part of the committee including the director of Estate Management-II
The auction started on 11:35 am and ended at 5 pm. Participation from investors in the auction remained low with the last token number issued to potential investors was 39. The CDA, however, in its official statement claimed that investors had enthusiastically participated in the auction.
An investor, who did not wish to be named since it could impact qualification of his bid, told The Express Tribune there was a low turnout from potential buyers. They, however, termed the new property valuation method and enhanced tax rates by federal government in the 2016-17 fiscal budget as the major reason for low interest of realtors in the auction.
During Tuesday’s auction, some bidders criticised the auction committee for the limited offering of commercial plots and fixing high ceiling rates for these lands. Furthermore, they expressed concern over the lack of amenities for some plots which were being offered at the auction.
During the bidding, an investor holding token number 39 stood up on his desk and started accusing CDA officials of corruption. He said that CDA officials failed to process files and allegedly sought bribes for passing structures
and maps.
At this CDA’s director security asked him to stop shouting.
Successful bids
Despite the ruckus, the civic body was able to sell eight plots.
Plot number 8 in I-8 Markaz was successfully sold at a rate of Rs0.398 m per square yard. Plot 4 of Marriage Hall was sold at Rs0.12m per square yard.
Plot 4-A of the Diplomatic Enclave in G-5 was sold for Rs0.57m per square yard while plot no 14-C in G-5 received bids of Rs0.423 m per square yard.
Plot no 11 in G-11/3 was sold for Rs0.123m per square yard, while plot no 5-A and 5-B in G-11/3 were sold at Rs0.452m per square yard.
Class III shopping mall of D-12/4 was sold for Rs0.376m per square yard.
The committee, however, deferred auction of plot no 9 in I-8, plot no 3, 18, and 9 of D-12, plot 3-I and 3-J of D-12/3, plot no 15 for farm house on Murree Road, plot 40-C at G-9 Markaz, plot 28 at G-11 Markaz, plot 3 and 4 for class III shopping mall at D-12/4 F after they failed to fetch lucrative rates.
In its statement on the auction, CDA Chairman and Islamabad Mayor Sheikh Anser Aziz said he was satisfied over the ‘transparent and successful’ auction of the plots.
“In future, due to its consistent investor friendly policies, CDA will get even better response,” Aziz was quoted as saying. He added that income from the auction of residential plots would be spent on development of various sectors of Islamabad.
The auction committee will now submit its recommendations on the bids to the CDA Board which would then accord its final approval on the sale of the plots.
Published in The Express Tribune, December 14th, 2016.
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