CDA earns Rs 630m from plots’ auction

[Lahore_Real_Estate]

* Five commercial plots sold for Rs 518m on 2nd day of auction

Staff Report

ISLAMABAD: The Capital Development Authority (CDA) has earned over Rs 630 million during two days auction of plots at the Aabpara Community Centre and the said amount is likely to be an injection of life for the department facing a severe financial crunch.

On the second day of auction on Wednesday, CDA offered nine commercial plots for auction and out of them five were sold, which included three commercial plots of different sizes in Sector G-11, D-12 and I-16, a Class-III Shopping Centre plot in Sector G-11 and a commercial plot in Industrial and Trade Centre, G-10. These plots were auctioned for over Rs 518 million. CDA withdrew one plot located in G-11/1 from auction due to some technical problems.

A plot No 35 measuring 1777.77 square yards in G-11 Markaz fetched a bid of Rs.132,000 per sq yard and it was sold for Rs 234.56 million. Plot No 10 in D-12 measuring 1333.33 square yards was sold for Rs 115.97 million, while Plot No.11 in the same sector and same size was sold for Rs 114.63 million at the rate of Rs 86,000 per square yard. Plot, No. I-M meant for Class-III shopping centre in G-11/1 measuring 177.78 square yard was auctioned for Rs 21.41 million at the rate of Rs.121,000 per square yard. A plot located in Sector G-10 I & T Centre measuring 533.34 square yards was auctioned for Rs 31.98 million at the rate of Rs.60,000 per square yard.

Plot No7 in Sector I-16 West, plot No 12 in I-16 East and Plot No I-B in G-11/1 could not be auctioned. Plot No 4 meant for Class-III Shopping Centre in G-11/1 could not be auctioned on technical grounds. CDA auctioned 12 residential plots for Rs 165 million on Tuesday.

The auction committee, headed by CDA Member Finance Saeedur Rehman and comprising Member (Estate) SM Farooqi, Member (Planning and Design) Abdul Jabar Milano and directors of the formations concerned, is supervising the auction process.

According to the 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 plots. If a successful bidder would fail to pay the above-mentioned amount his deposit money will be confiscated.

The auction of these plots would be submitted to the CDA Board, which is the final authority to approve or disapprove these bids.