CDA Likely To Reject The Bids Received For Commercial Plots Auctioned Last WeekWednesday, April 11, 2012
CDA auctioned four commercial plots in prime localities of Blue Area and Diplomatic Enclave Islamabad a week ago. The resources confirm that the bids received for these plots is quite less than the expected amount therefore the successful bids are to be canceled.
Two out of the four commercial plots auctioned last week earned a bid of 251,000 per square yard against the expected amount of 350,000 per square yard. The CDA officials find these rates very low and thus unfair for the apparently valuable property. Re-bidding is scheduled for these plots.
The other plot, located in Diplomatic Enclave near the US Embassy, received the best bid of 135,000 per square yard. The fourth plot could manage to get maximum bid of 261,000 per square yard. CDA officials conducted a closed door bidding for these plots and is not happy to generate RS. 4 billion against the expect amount of 5.5 billion.
Inside sources have revealed that CDA will conduct an open bidding soon and they are hopeful that they can touch the expected figure in that bidding.