CDA auctions 16 plots on second day of bidding

[Lahore_Real_Estate]

ISLAMABAD: Capital Development Authority (CDA) got a resounding response to auction of different categories’ plots on the second consecutive day of the bidding process at Aabpara Community Centre.

On Tuesday, CDA auctioned of 16 commercial, industrial and orchard plots out of total 20 offered for bidding. The bidders offered Rs 1.57 billion for these 16 plots located in different sectors of the federal capital.

Nine plots located in commercial centres of different sectors were put for bidding, of which six plots were auctioned at encouraging rates despite the depressing real estate market in the country. Plot No 8 measuring 888.88 square yards in F-11 Markaz fetched a bid of Rs 353,000 per sq yards, which amounts to Rs 345.15 million, whereas two plots were offered in Sector D-12 which is in the final phase of development and the prime minister had handed over the possession letter for the residential plots early this year.

In the Class-III Shopping Centres, Plot No1-M located in F-11/1 and measuring 177.78 square yards received the highest bid of Rs 1,24,000 per square yard calculated around Rs 22 million. In this category, Plot No 4 measuring 444.44 square yards located in Sector G-11/1 got the lowest bid of Rs 88,000 per square yards
(Rs 39.11 million).

The plot No 90 at I&T Centre in Sector G-10, got a bid of Rs 34.13 million at a rate of Rs 64,000 per square yards. In the wholesale market category, Plot No 2, Sector I-11/3 meant for sanitary ware on an area of 577.77 square yards received a bid of Rs 34 million at the rate of Rs 59,000 per square yards. Another plot of this category meant for cloth market located in Sector I-11/3 got the successful bid of Rs 36.40 million for a plot size of 355.55 square yard at the rate of Rs 63,000 per square yard. Plot No 33-A in Sector I-11/4 for fruit and vegetable market having a size of 33.33 square yard received a bid of Rs 6.16 million at the rate of Rs 185,000 per square yard. In the industrial category, plot No 447 (size 933 square yards) in Sector I-9 got a bid of Rs 24.25 million at the rate of Rs 26,000 per square yard. Whereas, plot No 448 in the same sector measuring 2400 square yards received a bid Rs.31.2 million at the rate of Rs 13,000 per square yard. In orchard scheme category, plot No 48 on Murree Road measuring 4.76 acres received a bid of Rs 47.60 million at the rate of Rs 12,50,000 per kanal.

A committee headed by Saeedur Rehman, CDA member finance supervised the auction. Its members included Member Estate SM Farooqi, Member Planning & Design Abdul Jabbar Melano, Director Public Relations, Director Estate Management-I, Director Estate Management-II, Director One Window Operation and Deputy Financial Advisor-II.

A large number of people participated in the auction and purchased plots in different categories in the open auction. The auction of 21 residential plots was conducted on Monday.

The recommendation of auction committee would be submitted to CDA Board, which is the final authority for approving or disapproving any of the bids against these plots.