CDA auctions 12 commercial plots on second day of bidding

[Lahore_Real_Estate]

* Member finance terms auction successful

* Says real estate prices to get boost in near future

Staff Report

ISLAMABAD: The Capital Development Authority (CDA) received a good response during the auction of different categories of plots on the second day of the biddings at Aabpara Community Centre on Tuesday.

CDA envisages Rs1.45 billion revenue from this auction of residential and commercial plots.

On the second day, CDA auctioned 12 commercial plots including three plots of different sizes located in sectors F-7, G-11 and I-8, eight plots of different categories including Class-III shopping centre in Grain, Cloth, F&V Market, Sector I-11 and IT Centre, were offered for auction.

Plot No 33 of G-11 Markaz measuring 1777.78 square yards was sold for Rs 80,000 per square yard, plot No 20 of I-8 Markaz measuring 1111.11 square yards for Rs181,000 per square yard, plot No I-D of F-7 Marakz measuring 200 square yards for Rs 860,000 per square yard, flat No 18 of F-11/1 economy flat measuring 4840 square yards against Rs 47,000 per square yard, flat No 17 of G-11/3 economy flat measuring 4083 square yards against Rs.48,000 per square yard, plot No 4 of G-11/1 Class-III shopping centre measuring 444.44 square yard against Rs 1,19,000 per square yard, plot No 18 of G-10/4 I & T Centre measuring 533.33 square yards against Rs 65,000 per square yard, plot No 22 of I-11/3, Grain Market measuring 651.11 square yards for Rs.42,000, plot No 23 of I-11/3 Grain Market measuring 600 square yards for Rs 38,000 per square yard, plot No 42-C of I-9/2, Industrial Area measuring 1120.82 square yards for Rs 23,000 per square yard, plot No 51 of Orchard Scheme Murree Road measuring 2.64 acres for Rs 1345,000 per kanal and plot No 48 of Orchard Scheme Murree Road measuring 4.76 acres for Rs 22,000,00 per kanal.

A committee headed by CDA Member Finance Saeedur Rehman and comprising Member Estate Tahir Shamshad, Member Planning & Design Abdul Jabbar Melano, Deputy Director General (One Window Operation), Director Estate Management-I Director Estate Management-II, Director Public Relations and Director Accounts supervised the auction.

The member finance termed the two-day auction successful. He hoped that the prices of the real estate would get a boost in near future.

The recommendations 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.

According to rules, the bidders have to pay 40 percent of total land cost within a week and remaining 60 percent will be paid in two equal installments of three months. Moreover, four percent CVT will be imposed on all commercial plots and residential plots measuring over 500 square yards. If a successful bidder would fail to pay the above-mentioned amount his deposit money will be confiscated.