Commercial land: CDA gets Rs1.8b in bids

ISLAMABAD:

Bids worth Rs1.8 billion were received against six commercial plots by the Capital Development Authority (CDA) on Tuesday; the first of a two-day land auction.

The auction committee, headed by CDA member environment, supervised the auction proceedings at the Jinnah Convention Centre.

The 711.11- square-yard plot number 20, located in Sector G-11, secured the highest bid of Rs408 million, at Rs574,000 per square yard.

Similarly, a bid of Rs232 million was offered against plot number 16-F in Sector F-8; Rs433 million for plot no 1 in Sector D-12; Rs178 million for plot number 30 in Sector D-12; Rs357 million for a petrol pump plot in Sector I-11/4; and a Rs205 million bid was received for plot number 5 in Sector I-10/3.

The authority had earlier announced that a total of 25 commercial plots will be auctioned during the two days.

“In the second day of land auction, the CDA will offer commercial plots in the developed sectors of Islamabad,” said a statement issued by the authority’s public relations department.

The recommendations of the auction committee will be placed before the board of the civic agency, which will approve or disapprove any of the highest bids on offer.

The CDA spokesperson said the response was reasonable and in accordance with the current real-estate market situation in the capital.

The last auction was held on June 15 and 16, where no bids were offered against any of the plots offered by the CDA due to a boycott announced by real-estate investors.

During the first land auction of the year, held on April 22 and 23, the authority received bids worth Rs6 billion against 16 commercial and six residential plots.

This is the third commercial land auction this year, and will conclude Wednesday (today).

Published in The Express Tribune, October 14^th, 2015.