Islamabad. PHOTO: EXPRESS
The auction also showed greater investor interest in Sector D-12/1 as all the plots offered there were sold.
The Capital Development Authority (CDA) kick-started its three-day annual auction of plots at the Jinnah Convention Centre on Tuesday. In the first phase, it offered as many as 32 residential plots in different parts of the federal capital including nine in Sector D-12/1, five in Sector D-12/3, five in Sector F-10/2, two in Sector F-11/2, and 11 in Sector G -10/2.
Of those plots on offer, the CDA managed to sell six of the plots offered in Sector G-10/2. Both the plots offered in Sector F-11/2 were sold while a further two plots were sold in Sector F-10/2 and Sector D-12/3.
All nine plots on offer in Sector D-12/1 were sold
Details of the plots that were sold were corner plot 237 in Sector G-10/2 measuring 233.33 square yards (sqyds) was sold for Rs120,000 per sqyds for a total value of Rs28 million. Its adjoining plot 238, measuring 233.33 sqyds received a bid of Rs112,000 per sqyds for a total value of Rs26.133 million.
Plot 239 on the same street in Sector G-10/2, measuring 233.33 sqyds received a bid of Rs111,000 per sqyds for a total value of Rs25.9 million. Adjoining plot 240, measuring 233.33 sqyds was sold for Rs111,000 per sqyds for a total value of Rs25.9 million.
For plot 241, on Street 19 of Sector G-10/2, measuring 233.33 sqyds, received a bid of Rs110,000 per sqyds for a total value of Rs25.67 million. Its adjoining plot 242, measuring 233.33 sqyds was sold for Rs111,000 for a total value of Rs25.9 million.
Two of the biggest plots on offer in the auction were also sold. The first of these was the corner and road-facing plot 1, in Street 3-A of Sector F-10/2, measuring 600 sqyds. It was sold for Rs163,000 per sqyds for a total value of Rs97.8 million. Similarly, its adjoining plot 2, also measuring 600 sqyds, received a slightly lower bid of Rs153,000 per sqyds for a total value of Rs91.8 million.
Similarly, Plot 155-C in Street 20 of Sector F-11/2, measuring 400 sqyds, received a bid of just Rs121,000 per sqyds for a total value of Rs48.4 million. The auction was a surprise for Sector D-12 where all but three of the plots offered were sold and in some cases, the value fetched by these plots was comparable to those fetched by plots in Sector G-10/2.
Corner plot 318 in Street 17 of Sector D-12/3 — one of the two plots in the sub-sector sold, measuring 500 sqyds received a bid of Rs90,000 per sqyds for a total value of Rs45 million. Its adjoining plot 319, measuring 500 sqyds, was sold for Rs86,000 per square yard for a total value of Rs43 million. In Sector D-12/1, plot 688 in Street 103, measuring 272.22 sqyds, was sold for Rs94,000 per square yard for a total value of Rs25.59 million. Its adjoining plot 689, measuring 272.22 sqyds, received a bid for Rs93,000 per square yard for a total value of Rs25.32 million.
Similarly, plot 948, which faces the Double Road, measuring 272.22 sqyds, received a bid of Rs111,000 per sqyds for a total value of Rs30.22 million. Its adjoining plot 949, measuring 272.22 sqyds, was sold for Rs112,000 per sqyds for a total value of Rs30.49 million.
Corner plot 970, located on Street 75 in Sector D-12/1, measuring 272.22 sqyds, received a bid of Rs103,000 per sqyds for a total value of Rs28.039 million. The park-facing plot 971, measuring 272.22 sqyds, was sold at a rate of Rs103,000 per sqyds for a total value of Rs28.039 million.
Similarly, corner plot 1184, in Street 80, measuring 139 sqyds received a bid for Rs116,000 per sqyds for a total value of Rs16.124 million. Plot 1187 in Street 81, measuring 139 sqyds, was sold for Rs104,000 per sqyds, for a total value of Rs14.456 million. Its adjoining plot 1188, measuring 139sqyds, received a bit of Rs103,000 per sqyds for a total value of Rs14.317 million.
Supervised by a high-level Auction Committee headed by Member Estate, the auction will resume on Wednesday when the first phase of auctioning commercial plots in the federal capital will be held.
However, the CDA appears to be increasingly reliant on auctions to raise funds to run the authority as it struggles to pay salaries of its employees and even utility bills.
The Express Tribune tried to contact the head of the auction committee but he could not be reached. However, another senior official in CDA said that the auction of plots was not a new phenomenon and that it has been held in the past as well when authority was financially stable.
However, the official admitted that the process has been expedited in recent years owing to a lack of comprehensive planning apart from following a policy of ad-hocism. The official added that the money generated from the auction will be used to develop various sectors.
Published in The Express Tribune, October 23rd, 2019.
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