CDA auctions 25 plots for a billion rupees

All residential plots put up on first day of auction sold amid rare investor interest


Iftikhar Choudhry April 09, 2019
View of CDA auction of plots at the Jinnah Convention Centre in Islamabad. PHOTO: EXPRESS

ISLAMABAD: The apex civic authority of the federal capital sold all the 25 residential plots in the city that it put on the anvil, raising approximately Rs1.024 billion (approximately) on the first day of the four-day-auction.

The auction was held by the Capital Development Authority (CDA) at the Jinnah Convention Centre in Islamabad. The auction will continue until April 11.

On the first day, around 150 investors participated in the bidding process.

CDA chief promises to revive one-window system

Unlike past auctions, this time the CDA not only extended the number of days over which the auction was to be held, but it also restricted plot categories to days. Residential plots will be auctioned on April 8 and April 9, while commercial plots will be auctioned on April 10 and 11.

A total of 38 residential plots have been put up for sale in Sector G-10/2, F-10/2, F-10/3, F-11/2, D-12/1, and D-12/3. The plots are of different sizes, with the smallest ones measuring 111.11 square yards in Sector D-12/1 and the largest plots measuring 600 square yards in Sector F-10/3.

The CDA set token money for most plots at Rs2 million. Only nine plots, in Sector D-12/1, had token money of a million rupees.

On the first day of the auction, the 444.44 square yards residential plot 201, in Sector G-10/2 was sold for after receiving a bid of Rs85,000 per square yard  Plot 202 in Sector G-10/2 measuring 444.44 sq yds  received a bid of Rs84,000 per sqyd, despite the fact that it is adjacent to plot 201.

Plot 522, in Sector G-10/2 measuring 356 sq yd received a bid of Rs92,000 per sq yd. Its adjacent plot 523, measuring 356 sq yd received a bid of Rs107,000 per sq yd. Plot 552 in Sector G-10/2, just down the road from the other two plots and measuring 356 sq yd, received a bid of Rs98,000 per sq yd.

Plot 4, in Sector F-10/2 measuring 555.5556 sq yd received a bid of Rs121,000 per sq yd. Its adjoining plot 5, in Sector F-10/2, measuring 555.5556 sqyd, received a lower bid of Rs112,000 per sq yd. Plot 31-A on the Double Road in Sector F-10/2, measuring 600 sq yd received a bid of Rs113,000 per sq yd. Plots 2, and 6 in Sector F-10/3 on street 1-A and street 1-B respectively and measuring 600 sq yd also received identical bids of Rs.113,000 per sq yd. Plot 8 in Sector F-10/3, measuring 600 sq yd received a slightly better bid of Rs114,000 per sq yd.

Plot 402, in Street 34 of Sector F-11/2, measuring 500 sq yd, received a bid of Rs120,000 per sq yd. Plot 403 in Street 34 of Sector F-11/2, measuring 500 sqyd, received a bid of Rs122,000 per sq yd.

Plot 404, in Street 34 of Sector F-11/2, measuring 500 sq yd, received a bid of Rs122,000 per sq yd. Similarly, Plot 405 in Street 34 of Sector F-11/2, measuring 500 sq yd, received a bid of Rs120,000 per sq yd.

Plot 703 in Street 103 of Sector D-12/1, measuring 272.22 sq yd, received a bid of Rs83,000 per sq yd. Plot 704 in Street 103 of Sector D-12/1, measuring 272.22 sq yd received a bid of Rs84,000 per sq yd.

Similarly, plot 708 in Street 103 of Sector D-12/1, measuring 272.22 sq yd, received a bid of Rs83,000 per sq yd. Plot 709 in Street 103 of Sector D-12/1, measuring 272.22 sq yd, received a bid of Rs85,000 per sq yd. Plot 940 on Double Road in Sector D-12/1, measuring 272.22 sq yd received a bid of Rs90,000 per sqyd.

Plot 944 on Double Road in Sector D-12/1, measuring 272.22 sq yd received a bid of Rs88,000 per sq yd, while plot 945 on Double Road in Sector D-12/1, measuring 272.22 sq yd, received a bid of Rs89,000 per sq yd.

CDA plans to accelerate anti-encroachment operation in Islamabad

Plot 480 on Street 115 in Sector D-12/1, measuring 111.11 sq yd and received a bid of Rs107,000 per sq yd. Similarly, plot 481 in Street 115 of Sector D-12/1, measuring 111.11 sq yd received a bid of Rs114,000 per sq yd, plot 609 on Street 104 in Sector D-12/1, measuring 111.11 sq yd, received a bid for Rs105,000 per sq yd.

The committee will submit its recommendations to the CDA Board who will accord final approval to the recommendations after the conclusion of the auction process. 

Published in The Express Tribune, April 9th, 2019.

E-Publications

Most Read

COMMENTS

Replying to X

Comments are moderated and generally will be posted if they are on-topic and not abusive.

For more information, please see our Comments FAQ