CDA to get boost from auction of plots

[Salman]

Islamabad



The staggering financial condition of the Capital Development Authority (CDA) would get a big boost if the civic body succeeds in receiving the desired money from the forthcoming grand auction of commercial and residential plots in the metropolis.



The CDA management besides offering other plots for auction has been successful in including a large commercial plot in Sector F-5/1. The plot, measuring 3.75 acres, is meant for the construction of a five-star hotel. For many reasons, the plot was not offered for auction in the past.



The CDA auctioned two big plots for seven-star hotels about eight years ago and the two fetched around Rs10 billion for the CDA. One of the sold out plots is located along Jinnah Avenue where ‘The Centaurus’ shopping mall has been completed, while construction of three other high-rise towers, having residential and office apartments and a seven-star hotel, is in progress. The other plot was auctioned adjacent to the Jinnah Convention Centre where a five-star hotel is being built.



A senior official of the CDA, however, fears efforts to foil successful auction of this plot in Sector F-5/1 due to some vested interests.



Four other large commercial plots, which are being offered for sale, measuring 1333 square yards, are also located in Blue Area.



Another salient feature of the bidding activity to be carried out in the last week of the current month, would be auctioning eleven plots in Markaz I-12. These plots are meant for construction of 15-storey luxury apartments.



A CDA official told ‘The News’ that in view of boom in property in Islamabad, it is the best time to offer residential plots for open auction. As many as 20 residential plots of 12 marlas are being offered in Sector G-10/2, while other plots to be auctioned are located in sectors G-11 and D-12.