CDA raises Rs27b in auction

A total of 16 commercial, residential, industrial and agro- farm plots sold in Islamabad

ISLAMABAD:

The apex civic authority on Wednesday completed its highest-grossing auction for properties in the federal capital, raising a whopping Rs27 billion.

The Capital Development Authority (CDA) on Wednesday wrapped up its three-day annual auction at the Jinnah Convention Centre. During the three day event, the authority sold a total of 16 commercial, residential, industrial and agro- farm plots.

On Wednesday, the authority sold only two plots, raising a total of Rs8 billion. The plots sold included a class-III shopping centre in Sector I-14 and one in the Blue Area New Vision.

Earlier, on the first day of the auction, the CDA had received bids worth Rs3.5 billion for five plots located in the Diplomatic Enclave, Sector G-9 Markaz and Sector I-8 Markaz.

On the second day, it received bids worth Rs15.5 billion for nine plots, including plots from the Blue Area New Vision - a new commercial strip to be developed by the government which is sandwiched between JinnahAvenue and Ibn-e-Sina Road opposite the Sector F-9 park, Sector G-11/3, Diplomatic Enclave, Sector F-10,Industrial Triangle Kahuta, orchard scheme on Murree Road and the industrial area in Sector I-10/3.

The bids will be presented to CDA’s board for final approval.

The total is far higher than the Rs17 billion the authority had raised during the auction of Blue Area New Vision plots in July and the Rs11.28 billion it had raised during its auction in April 2019.

The CDA has put up seven commercial Markaz plots measuring between 111.11 square yards to a maximumof 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.

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 de-fined by the Civil Aviation Authority (CAA). It had token money of Rs100 million.

Similarly, 3,333.33 square yards commercial plot was put up for auction for the construction of an office andapartment 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. Officesand apartments will be built in them and no limit has been placed on the number of storeys allowed. They hada 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, tyreshop, 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.