CDA to Sell 100 One & Two Kanal Plots in Park Enclave

[Salman]

The Capital Development Authority (CDA) has finally decided to sell 100 one & two kanal plots located in Park Enclave society. The proposed rates are around 30 percent higher than the market price.

The authority is scheduled to present 100 new residential plots from November 17 for Rs23 million for each kanal. Interested buyers can submit forms by December 17.

However, the real estate professionals say that the suggested price is far higher as compared to the market price and value of property.

The open market price of 1 kanal plot in Park Enclave ranges between Rs17 million to Rs19 million depending upon its location in the society, says an agent in the area. CDA officials also had few reservations about the total price calculated by the costing department of the CDA. The costing department also made the same mistake during the auction of plots in D-12 and E-12 sectors, last year.

“The residential plots could not attract buyers mainly because the costing department had worked out prices of plots relatively higher than the prevailing market rates of the plots,” an official said.

On the other hand, CDA spokesperson rejected the argument and said that the case of E-12 and D-12 was a bit different and complicated.