CDA eying over Rs 1.5bn in open auction of plots

[Lahore_Real_Estate]

Residential and commercial plots will be offered for auction on December 28 and 29 respectively

By Ikram Junaidi

ISLAMABAD: Capital Development Authority (CDA) CDA is expecting to earn over Rs 1.5 billion during a two-day auction of residential and commercial plots to be held on December 28 and December 29 from 10am to 4pm at Community Centre, Aabpara.

According to sources, residential plots in the Sector F-11/1, G-10/2, D-12/3 and a flat in Sector I-8/1 will be offered for auction on December 28, while commercial plots in Sector F-10, F-11, D-11, I & T Centre G-10/4, Class-III Shopping Centre in G-11/3 and grain, cloth and fruit and vegetable market will be offered for auction on December 29.

They said the residential plot numbers 227 B, C, D and E measuring 500 square yards each in Street 75 sector F-11/1, plot 227-H measuring 650 square yards in same street and plot No 273-B measuring 825 square yards in street 78 will be auctioned. Residential plot numbers 64, 65, 66, 71, 72, 103, 104, 105, 114-B and 115 in sector G-10/2, plot No 39 and 40 measuring 355 square yards in sector D-12/3 and flat 16 in Block 6, Gali 25 in sector I-8/1 will be offered for auction.

The commercial plots that would be offered for auction include plot No 5-A/4 in sector F-10, plot numbers 10, 26B and 27 in sector F-11, plot No 22 and 33 in sector G-11. The commercial plots include plot numbers 1-D, 1-E, 1-F, 1-G and 1-H of class III shopping centre located in G-11/3, plot No 22, 23 and 24 of Grain Market, plot No 29 of cloth market in sector I-11/3 and plot No 9/B of F&V Market in sector I-11/4, plot No 18 and 31 of I&T Centre measuring 533 square yards in sector G-10/4.

The auction of residential and commercial plots will be open for general public including Pakistanis living abroad but foreigners who are interested to purchase plots will have to get a clearance certificate from the Ministry of Interior.

According to rules, the bidders will have to pay 40 percent of total land cost within a week of auction and remaining 60 percent will be paid in two equal installments of three months. Moreover, four percent CVT will be imposed on all commercial and residential plots measuring over 500 square yards. If a successful bidder would fail to pay the above-mentioned amount, his deposit money will be confiscated.

CDA Chairman Imtiaz Inayat Elahi has constituted a committee to supervise the auction headed by CDA Member (Finance) and comprising of senior officers from other relevant formations of the authority in addition to representative of the Islamabad Capital Territory (ICT) administration.