CDA fetches Rs776m from auction of 38 residential plots

[Salman]

Islamabad :The results of open auction of residential plots in different sectors of the federal capital showed a sharp increase in land prices.
The Capital Development Authority (CDA), looking to improve its financial position, on Monday fetched Rs776 million from auction of 38 residential plots, most of them measuring 40x80 square feet (355 square yards), in sectors G-10, G-11 and D-12.

The sale of plots, however, is subject to approval of the CDA Board.“The open auction of residential plots has received tremendous response and we have been able achieve the desired results,” a CDA official, who is a member of the auction committee, told ‘The News’.

The 500 square yards Plot No. 1 of Sector G-11/4, located at an ideal location, received the highest bid of Rs80,000 per square yard and it was sold for Rs40 million.The prices of residential plots also showed an upward trend in Sector D-12. Two plots of 355 square yards each in Sector D-12/4 and D-12/1 received highest bids of Rs73,000 and Rs71,000 per square yard respectively.

The maximum price for the 355 square yards residential plot in Sector G-10/2 was recorded at Rs66,500 per square yard.During the auctioning process, the CDA officials received a letter from a noted lawyer that the Islamabad High Court (IHC) has granted stay to his clients against the auction of a 3.75-acre plot meant for construction of a five-star hotel. The plot is located adjacent to another five-star hotel in Sector F-5/1.

“We have not received any orders direct from the court rather we have received information through the lawyer,” a CDA official said. The plot was to be offered for auction on Tuesday (today).The CDA, besides commercial plots, would offer four plots, measuring 1,333 square yards each in Blue Area and some plots for construction of luxury apartments in Sector I-12.

The auction process was supervised by CDA Member Finance Azhar Ali Chaudhry and participated by members of the committee, comprising Member Planning and Design Syed Mustafain Kazmi, Member Estate Shaista Sohail, Deputy Director General Finance Zia-ur-Rehman Toor, Director Estate Management-I Latif Abdi, Director Estate Management-II Muhammad Aslam Chaudhry and Director Public Relations Muhammad Mushtaq. On second day, the CDA would offer commercial plots for open bidding.