Capital mulls auction of prized commercial plots

Initiative aims to boost revenue and support ongoing uplift projects

ISLAMABAD:

The Capital Development Authority (CDA) has planned 10 new residential sectors and auctioning of 200 plots in Sector C-14 to increase its revenues.

On the one hand, the CDA chief had announced to not auction prime commercial plots but on the other has started preparations to auction more than 35 CDA-owned commercial plots in the Blue Area and important commercial centres.

Sources say that brochures are being prepared for auctioning 200 plots in Sector C-14, in which the size of each plot would be one kanal. The proposed price of one kanal plot in Sector C-14 will be fixed between Rs50 to Rs60 million. Those who wish to get a plot would deposit 25% of the total cost with their applications, which will be refundable in case of non-availability of the plot.

The auction of plots will be done by balloting. Up to 70% of the development work in Sector C-14 is said to be complete, while work on the sewage system is in progress. The persons acquiring the said plot will be obliged to pay the total price to CDA in equal instalments within two years. CDA will invite applications for these plots later this month.

According to the sources, 10 more new sectors will be launched by the next financial year. In the land acquired by CDA, all remaining plots will be offered for auction to the people after the plots are allocated to the land owners in exchange for the acquired land. Open balloting will be held at the CDA headquarters in the presence of the applicants.

NADRA will also be engaged to ensure transparency of the draw. The new sectors include C-13, C-14, C-15, C-16, I-12, E-12, D-13, D-14, F -13 and E-13.

Sources further say the main purpose of the auction of the remaining plots after providing plots in exchange for the land acquisition is to provide residential facilities to the people as well as to generate maximum revenue for CDA. At present, the present CDA administration requires funds on an emergency basis for more than 10 development projects. For this reason, efforts are being made to bring Chinese investment.

The CDA chairman visited China last week to discuss and initiate development projects with the participation of the China Investment Corporation (CIC). For this purpose, PM Shehbaz also held meetings with Chinese investors.