CDA raises Rs3.5 billion for five plots

First day’s activity saw competition amongst bidders

ISLAMABAD:

The apex civic authority of the federal capital received bids worth Rs3.5 billion for five plots on the first day of its three-day auction.

The bids were received as the Capital Development Authority (CDA) on Monday placed 28 residential apartments, economy flats, hotels, petrol pumps, orchard schemes, industrial and commercial plots in the capital on the anvil as part of its three-day annual auction.

There was substantial investor interest with the auction hall set up at the Jinnah Convention Centre packed.

The CDA has put up seven commercial Markaz plots measuring between 111.11 square yards to a maximum of 1,066.66 square yards in Sectors G-5, G-9, G-10 and I-8 Markaz. Of these, the smallest plot was in Sector G-10, with a token of just Rs5 million.

The two plots offered in Sector G-5 measured 427.77 square yards with tokens of Rs20 million. Two plots in Sector G-9 measured 733.33 square yards with tokens of Rs20 million. The two largest commercial Markaz plots, measuring 1,066.66 square yards each, were located in Sector I-8 with a token of Rs30 million each.

At least eight plots were put up for auction in the Blue Area New Vision - which is sandwiched between Sector F-9 and G-9 on the green belt between Ibn-e-Sina road and Jinnah Avenue.

The largest plot offered here measured 7,000 square yards for a commercial office and apartment structure with an uncapped number of storeys and a token of Rs100 million.

It was followed by a 4,511.11 square yard plot for a hotel with the number of storeys capped within the limit defined by the Civil Aviation Authority (CAA). It had token money of Rs100 million.

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Similarly, 3,333.33 square yards commercial plot was put up for auction for the construction of an office and apartment block with no limit on the number of storeys. It had a token of Rs100 million as well.

At least three commercial properties measuring 2,000 square yards each were also put up for auction. Oaffices and apartments will be built in them and no limit has been placed on the number of storeys allowed. They had a token set at Rs50 million each.

A plot measuring 1,733.33 was also put up for auction for the construction of a fuel pump with a tuck shop, tyre shop, service station and cafe. Its height was capped at two storeys but would have a token of Rs50 million. The smallest plot offered in the array was a commercial plot measuring 800 square yards with no limit on storeys and a token of Rs50 million. The authority put up three plots for auction exclusively for the construction of residential blocks. These included a 4,000 square yard plot located in the Diplomatic Enclave with a token of Rs30 million. The other plots included an 11,750 square yard plot in Sector F-10 Markaz with a token of Rs100 million.

A plot measuring 5,155.55 square yards was also put on the anvil in Sector G-11/3 with a token of Rs30 million.

For these plots, if the number of storeys exceeds 10, 10 per cent circulation area will be deducted from the permissibly floor-area ratio.

The CDA put four industrial plots up for sale. These included two plots in Sector I-10/3 measuring 1,666.66 and 1,888.88 square yards respectively with a token of Rs20 million each.

Published in The Express Tribune, September 22^nd, 2020.