CDA commercial plot auction raises Rs2.8b on day one

Lukewarm response was seen on the first day of the two-day commercial auction

ISLAMABAD: The apex civic body of the federal capital seemed to lose a little of the momentum it had built as its annual auction of commercial plots saw a lukewarm response on its first day, selling merely eight plots for a value of Rs2.815 billion.

The annual three-day auction of the Capital Development Authority resumed at the Jinnah Convention Centre on Wednesday as the civic body put up as many as 46 commercial plots under the hammer.   Unlike residential plots, of which 20 of the 32 on offer were sold for Rs690 million on Tuesday — the 46 commercial plots are to be auctioned over a course of two days.

On Wednesday, the auction proceeded under the supervision of a high-level Auction Committee headed by CDA’s Member Estate.  The CDA has included plots located in the markaz — commercial centres — of Sectors D-12, F-10, F-11, G-9, G-10, G-11, and I-8, along with other commercial plots in Sectors F-7, G-8, I-9, I-11, I-14, I-16Diplomatic Enclave, Garden Avenue, Park Enclave and Margalla Town Extension in the auction.

The plots sold on Wednesday included plot 40-B of in Sector G-9 Markaz, measuring 733.33 square yards (sqyds), which received a bid of Rs500,000 per sqyds for a total value of Rs366.67 million.

Similarly, plot 31-B in Sector G-9 Markaz (the second of two Markaz plots offered in Sector G-9), measuring 205.55 sqyds was sold for Rs1.17 million per sqyd for a total value of Rs240.45 million.

Plot 23-B in Sector G-10 Markaz, measuring 333.33 sqyds, received a bid for Rs1.05 million per sqyds and was sold for a total value of Rs349.997 million.

With immense interest seen in residential plots of Sector D-12 on Tuesday, both Sector D-12 Markaz plots on offer were sold. Plot 13 measuring 711.11 sqyds, was sold at a rate of Rs530,000 per sq yds for a total value of Rs376.89 million. Its adjoining plot 13-A, measuring 711.11 sqyds received a slightly lower bid of Rs480,000 per sqyds to be sold for a total value of Rs341.33 million.

Plot 27 in Sector I-8 Markaz, measuring 1,111.11 sqyds received a bid of Rs805,000 to be sold for a total value of Rs894.44 million.

The only timber plot — to build a lumberyard — for sale in the auction, plot 10 in Sector F-11/2, measuring 1,066.66 sqyds, received a bid of Rs122,000 per sq yds for a total value of Rs130.133 million.

Of the two adjoining plots up for sale in Park Enclave, only one, plot 32, measuring 266.66 sqyds, was sold. It received a bid of Rs431,000 per sqyds and was sold for a total value of Rs114.93 million.

Of the plots left include plots in Blue Area, Diplomatic Enclave, industrial plots, a marriage hall and class-III shopping malls.

The committee will submit its recommendations to the CDA Board which will then accord final approval to the recommendations after the auction concludes on Thursday.

Thus far, with the sale of 28 residential and commercial plots, the CDA has raised over Rs3.512 billion. 

Published in The Express Tribune, October 24^th, 2019.