The commercial plot was rezoned as one for residential apartments after a court case. PHOTO: FILE
The CDA on Tuesday changed the status of a lucrative commercial plot, which will now be presented for auction on Wednesday (today) as a residential one.
A resident of Silver Oaks apartments had challenged the planning parameters for Plot Six in F-10 Markaz. On Wednesday, the Islamabad High Court took up the case, with CDA officials assuring the court that the 11,750 square-yard plot will be auctioned as a residential apartment plot rather than a commercial one.
A CDA spokesperson said the floor area ratio for the plot will be 1:4, with maximum ground coverage of 40 per cent. The maximum height of the residential apartment building will be 120 feet.
Despite a bit of resistance offered by a group of real estate investors, the CDA is going ahead with the two-day auction scheduled to start on May 2 (today).
A total of 29 commercial plots located in developed business centres in different sectors of Islamabad including model towns will be presented for auction.
A meeting chaired by CDA Chairman Maroof Afzal to review the arrangements of for the two-day auction was held at CDA headquarters.
“Unlike the past, it will purely be fair competition this time. Investors will come, offer on the higher side and get the plot of their choice,” said one of the CDA board members.
He said newly-introduced building bylaws for commercial plots were investor-friendly, which would help increase CDA revenue.
Investors, who had raised apprehensions about bylaws, have been taken on board and several meetings were held between them and CDA high ups, he added.
He said the justifiable demands of investors would be met, adding that sufficient security would be placed at the venue of auction proceedings — Jinnah Convention Centre.
“To promote commercial activities and to facilitate participants, the CDA included plots in model villages including Margallah Town, Chak Shahzad Town and Humak Town in the auction process for the very first time,” he said.
Published in The Express Tribune, April 2nd, 2014.
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ