CDA auctions 13 commercial plots for Rs 1.281 billion

[Lahore_Real_Estate]

ISLAMABAD: The Capital Development Authority (CDA) auctioned 13 commercial plots worth of Rs 1281.1 million at Aabpara Community Centre on Wednesday.

CDA auctioned 16 residential plots on Tuesday for Rs 246.1 million and the two-day auction enabled the civic body to get Rs 1.52 billion. The amount has met the target of the finance department. CDA successfully conducted auction of 13 commercial plots out of which six plots of different sizes located in the Marakiz Sector F-10, F-11 and D-12 were offered for auction. Whereas, five Class-III Shopping Centre plots in Sector G-11/1 and two commercial plots in Grain, Cloth and F&V Market, Sector I-11, were also offered for auction. Plot No 27 measuring 844.44 square yards (sq yd) in F-11 Markaz fetched the highest bid of Rs 4,20,000 per sq yd. A Class-III Shopping Centre Plot measuring 177.78 sq yd in Sector G-11/1 was auctioned at the highest rate of Rs 1,90,000 per sq yd. Plot No 9/B measuring 44.44 sq yd located at Fruit & Vegetable Market in Sector I-11 was offered for bidding at Rs 1,77,000 per sq yd.

According to sources, plot No 5-A/4 of F-10 Markaz was sold for Rs 75.6 million, plot No 10 of F-11 Markaz for Rs 168.7 million, plot No 26 for Rs 294.3 million, plot No 27 for Rs 354.4 million, plot No 5 of D-12 Markaz for Rs 109.3 million, plot No 6 for Rs 119.9 million, plot No 1-D of G-11/1 Class-III Shopping Centre for Rs 19.1 million, plot No 1-E at Rs 22.3 million, plot No 1-F for Rs 32.2 million, 1-G at Rs 33.6 million, plot No 1-H for Rs 25.1 million, plot No 29 of cloth market I-11/3 for Rs 19.5 and plot No 9/B of fruit and vegetable market I-11/4 was auctioned for Rs 7.7 million.

As per rules, the bidders have to pay 40 percent of total land cost within a week and the remaining 60 percent will be paid in two equal installments of three months. Four percent CVT will be imposed on all the commercial plots. Moreover, if a successful bidder fails to pay the above-mentioned amount, his deposited money will be confiscated.

This auction was supervised by Saeedur Rehman, Member Finance, while the auction committee comprised SM Farooqi, Member Estate, Abdul Jabbar Melano, Member Planning and Design, Deputy Director General (One Window Operation) Director Estate Management-I, Director Estate Management-II, Director Public Relations and Director Accounts. The committee’s recommendations would be submitted to CDA Board, which is the final authority to approve or disapprove any of the bids against these plots.