CDA to earn Rs 149.82m from plots auction

[Salman]

Islamabad—The Capital Development Authority (CDA) get good market based response for residential plots on first day of the CDA grand auction on Monday despite depressing real estate prices. CDA is likely to get Rs 149.82 million from auction of these residential plots if the bidding process is completely rectified by the CDA Board.3.

The Authority is holding two day grand auction of residential, commercial plots, economy flats, filling stations and other plots of different sizes and categories in developed sectors of Islamabad which commenced with the auction of residential plots on Monday.

The grand auction under the auspices of the CDA begin at Jinnah Convention Centre participated by a large numbers of bidders. The Authority presented ten (10) numbers of residential plots in Sector G-10/2, for bidding process on the first day of auction, which all received good response from the bidders. Four (4) numbers of residential plots measuring size 272.22 of Sector G-10 and 6 plots measuring size 355.55 square yards of the same sector were offered for auction.

During the auction on Monday the residential Plot No.556, Sector G-10/2 measuring 355.55 square yards received the highest bid of Rs. 51,000/- per square yard, whereas the Plot No.551 of the same size in the same sector got the lowest bid of Rs.42,000/- per square yard. The Plots No.555, 554, 553 and 552 measuring 355.55 square yard each get the price of Rs.44,500/-, Rs.46,000/-, Rs.46,500/- and Rs.44,000/- per square yard respectively. The Plot No.537 in 272.22 square yard category, in Sector G-10/2 get the highest bid of Rs.50,000/- per square yard among four plots of this size.

Whereas Plots No.535, 536 and 538 measuring 272.22 get the price of Rs.46,500/-, Rs.46,500/- and 49,500/- per square yard respectively. The auction process was supervised by Member Finance CDA, Azhar Ali Chaudhry, and participated by the members of the committee comprising of Member Planning and Design, Syed Mustafain Kazmi, Member Estate, Shaista Sohail, Deputy Director General Finance, Zia-ur-Rehman Toor, Director Estate Management-I, Naveed-ul-Haq, Director Estate Management-II, Muhammad Aslam Chaudhry and Director Public Relations, Ramzan Sajid