Islamabad Property News :CDA continues plots selling spree to run affairs,

[Salman]

Islamabad Property News :CDA continues plots selling spree to run affairs,

ISLAMABAD - The city managers continue the selling spree of CDA’s precious land in developed sectors to generate revenue to run its day-to-day affairs.
The Authority has announced holding of an open auction of residential and commercial plots in developed sectors in January 2011, as per relevant provisions of Islamabad Land Disposal Regulation 2005. However, from the proposed auction, the authority would exceed the limit of earnings it had mentioned in its budget document for the fiscal year 2011-12 under this head.
As per budget document, the authority had estimated income of Rs 2 billion from the sale of plots in developed sectors through open auction.
During the first open auction of fiscal year 2011-12, held on July 21, CDA had earned Rs 1.58 billion by disposing of six commercial plots in developed sectors. And now the Authority is once again going to avail the same option and expecting revenue of more than one billion rupees from it.
Collectively, the amount from both the auctions would ultimately exceed the estimated income from sale of the plots through open auction.
For the fiscal year 2011-12, CDA has estimated generation of revenue amounting Rs12 billion from the sale of its land. The Rs 12 billion includes Rs 4 billion from sale of plots in Park Enclave, Rs1 billion from sale of plots in Diplomatic Enclave, Rs 2 billion each from sale of precious plots through pre-qualification and open auction, and Rs 3 billion from sale of plots in sector E-11.
The second open auction of residential and commercial plots for fiscal year 2011-12 would be held on January 9 and 10, 2012 respectively.
Residential plots located in sectors G-10, G-11 and F-11 while commercial plots in business hubs of sectors including F-11, D-12, G-10, I-11, I-9, I-10 and G-11 would be presented for open auction.
CDA has earned approximately Rs 10.8 billion from the sale/auction of residential and commercial plots in Islamabad since January 2008.
The Auction Committee of the CDA, headed by the Member Finance of the Authority and comprising Member (Estate), Member (Planning & Design) and the directors of Directorates Public Relations, Estate Management-I, Estate Management-II and One Window Operation Directorates, would supervise the auction process.
The recommendation of the auction committee would be submitted to the CDA Board, which would be the final authority for approving or turning down any of the bids against the plots offered for the auction.
The auction of residential and commercial plots would be open for general public including Pakistanis living abroad, while for foreigners, a no objection certificate from the Ministry of Interior is must to participate in the auction process. All the registered companies, firms, and societies with Pakistani authorities can also participate.