Up for grabs: CDA plot auction draws high bids
Civic agency gets Rs1.35 billion for 20 residential plots.
Parties from Karachi and Quetta submitted bid for plots in posh sectors which were significantly higher than the current market rates. PHOTO: FILE
ISLAMABAD:
The Capital Development Authority (CDA) on Wednesday received a resounding response on opening day of residential plots auction as it attracted bids worth Rs1.35 billion against 20 residential plots in developed sectors.
An eight-member auction committee headed by CDA Environment Member Mustafain Kazmi supervised the auction process.
Parties from Karachi and Quetta submitted bid for plots in posh sectors which were significantly higher than the current market rates.
On Wednesday, the authority offered three plots of various sizes in Sector F-7/2, nine plots of 600 square yards each in Sector F-10/2, and eight plots of 500 square yards each in Sector F-11/2.
The three plots in Sector F-7/2 collectively received bids worth Rs432.1 million, while nine plots in Sector F-10/2 attracted bids worth Rs568.2 million, and eight plots in Sector F-11/1 received bids worth Rs346 million.
The highest bid of Rs147,000 per square yard was received against a 933.33 square-yard plot in F-7/2, while the lowest bid, Rs84,000 per square yard, was received against an F-11/1 plot measuring 500 square yards.
According to a press statement, CDA Chairman Maroof Afzal expressed his satisfaction with the first day’s proceedings, saying successful auction of a large number of residential plots at much higher prices is an expression of trust by the citizens in the CDA.
The chairman said the income generated from the auction process will be spent on developing other residential sectors.
The auction committee, headed by Kazmi and also comprising the administration DG, law deputy director general, deputy financial advisor, urban planning director, estate management-I and -II directors and the public relations director, will submit their recommendations to the CDA board after the auction is completed.
It is for the first time the authority has presented residential plots that were previously in the possession of influential parties under open-space licenses. The previous occupants had developed private lawns and green areas on the plots.
The trend was causing loss of millions of rupees to the authority, as despite cancellation of all permissions for open spaces, the occupants were reluctant to hand over possession.
In the recent past, the authority had taken notice of the practice and managed to vacate a number of such properties.
The three-day auction will conclude on May 30.
Published in The Express Tribune, May 29th, 2014.
The Capital Development Authority (CDA) on Wednesday received a resounding response on opening day of residential plots auction as it attracted bids worth Rs1.35 billion against 20 residential plots in developed sectors.
An eight-member auction committee headed by CDA Environment Member Mustafain Kazmi supervised the auction process.
Parties from Karachi and Quetta submitted bid for plots in posh sectors which were significantly higher than the current market rates.
On Wednesday, the authority offered three plots of various sizes in Sector F-7/2, nine plots of 600 square yards each in Sector F-10/2, and eight plots of 500 square yards each in Sector F-11/2.
The three plots in Sector F-7/2 collectively received bids worth Rs432.1 million, while nine plots in Sector F-10/2 attracted bids worth Rs568.2 million, and eight plots in Sector F-11/1 received bids worth Rs346 million.
The highest bid of Rs147,000 per square yard was received against a 933.33 square-yard plot in F-7/2, while the lowest bid, Rs84,000 per square yard, was received against an F-11/1 plot measuring 500 square yards.
According to a press statement, CDA Chairman Maroof Afzal expressed his satisfaction with the first day’s proceedings, saying successful auction of a large number of residential plots at much higher prices is an expression of trust by the citizens in the CDA.
The chairman said the income generated from the auction process will be spent on developing other residential sectors.
The auction committee, headed by Kazmi and also comprising the administration DG, law deputy director general, deputy financial advisor, urban planning director, estate management-I and -II directors and the public relations director, will submit their recommendations to the CDA board after the auction is completed.
It is for the first time the authority has presented residential plots that were previously in the possession of influential parties under open-space licenses. The previous occupants had developed private lawns and green areas on the plots.
The trend was causing loss of millions of rupees to the authority, as despite cancellation of all permissions for open spaces, the occupants were reluctant to hand over possession.
In the recent past, the authority had taken notice of the practice and managed to vacate a number of such properties.
The three-day auction will conclude on May 30.
Published in The Express Tribune, May 29th, 2014.