CDA gets Rs4.47b worth bids

[Salman]

ISLAMABAD - The Capital Development Authority (CDA) - after two-day open auction of residential and commercial plots - has received bids worth Rs 4.47 billion.

On Tuesday, the authority was supposed to offer 14 commercial plots meant for construction of filling stations, medium rise apartments, economy flats etc for auction, however, the auction committee unanimously decided to withdraw four plots from the auction process owing to time constraints or less bids offered.

As many as 10 commercial plots collectively fetched bids worth Rs 4.32 billion. Around 120 bidders took part in auction process during the second day of auction. A senator belonging to Awami National Party (ANP) also participated the auction and offered the highest bid against a plot located in famous Blue Area.

On Monday - on the first day of two-day open auction of residential and commercial plots - CDA has received bids worth Rs 149.82 million against 10 residential plots located in Sector G-10/2.

For the financial year 2012-13, the city managers have anticipated generation of enormous Rs 21.423 billion from disposal of residential and commercial plots through auction, both on open and pre-qualification basis. The bids received during two days open auction of land would be presented before the CDA Board, whose meeting is scheduled to be held on November 22 (Thursday). The CDA Board is the final authority to accept or reject the offers.

The Authority received the highest bid of Rs 360,000 per square yard against plot no B-3 measuring 1333.33 square yard and located at Blue Area F-9/G-9. Whereas, plot no. 6 measuring 2666.3 square yards and located at Blue Area F-8/G-8 fetched lowest bid of Rs 287,000 per square yard.

The plot no. 15 located at Northern Strip, Sector E-11 and measuring 2184 square yards got a bid of Rs 84,000 per square yard. The plot is meant for the construction of filling station.

Similarly, plots no. 2 and 3 each measuring 4833.33 square yards and meant for medium rise apartments received the bid of Rs.58,000 and Rs.55,000 per square yard respectively. Both the plots are located at Northern Strip of Sector E-11.

Another, plot no. 6 of Blue Area F-8/G-8, measuring 2666.3 square yards got the bid of Rs 313,000 per square yard. While plot no 14, Markaz D-12, measuring 1600 square yards fetched the bid of Rs136,000 per square yard.

Similarly, plot no 10 located at Markaz F-11 and measuring size 888.88 square yards received the bid of Rs.286,000 per square yard and plot no. 20 of Sector G-11/3 meant for economy flats received a bid of Rs.58,000 per square yard.

The commercial plots including plot no 2 located at G-11 Markaz, plot no 40-B located at Sector G-8, plot no B-1 located at Blue Area G-9/G-9 and Plot No6 loacted at Markaz D-12 were withdrawn by the auction committee for less bids offered against these plots.

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.