CDA earns Rs335m from auction of 27 plots - Zameen News

CDA earns Rs335m from auction of 27 plots

March 26, 2009 • news

Islamabad: The Capital Development Authority (CDA) on Wednesday earned as much as Rs335 million from the sale of 27 residential plots located mostly in developed sectors in an open auction held at the Community Centre, Aabpara. The auction started at 10:00 a.m. and continued till 4:00 p.m.

As many as 22 plots out of 27 were located in ‘G’ series sectors while four were in sector D-12 and one in Sector F-11/3. There was only one plot measuring 500 sq yards, No. 40 in Sector F-11/3, which fetched the highest bid of Rs62,600 per sq yard, a total of Rs31.3 million.

There were nine plots measuring 471 sq yards, all located in sector G-10/3 offered at the auction. The highest bid for this category of plots remained Rs38,600 per sq yard (Rs18.18 million) while the lowest bid for the same category remained Rs35,500 per sq yard (Rs16.7 million).

Another six plots measuring 311.11 sq yard were up were grabs in sector G-10/2 and in this category the highest bid remained Rs32,000 per sq yard (around Rs9.95 million) while the lowest bid for this size of plot was Rs27,000 per sq yard (around Rs8.4 million).

In sector D-12, which is still in the last phase of development, four plots, each measuring 355.55 sq yard were offered for open auction. The highest bid received for these plots was Rs26,000 per sq yard ((around Rs9.24 million) and the lowest remained Rs16,300 per sq yard (around Rs5.8 million).

The similar size plot located in sector G-10/3 fetched a bid as high as Rs35,000 per sq yard (around Rs12.45 million).

In sector G-10/2 there were six plots each measuring 233.33 sq yard offered for auction by the CDA. The highest bid for this size of plot was recorded as Rs37,500 (around Rs8.75 million) while the lowest bid for this category of plots remained Rs28,400 per sq yard (around Rs6.62 million).

CDA Member (Finance) Saeedur Rehman, when contacted, told ‘The News’ that the authority has set a target of earning around Rs1.5 billion from this open auction of residential and commercial plots.

“I believe that the trend we have seen today is slightly on the lower side if we may compare it with the last auction. Besides, we were unable to auction all the plots that were offered on the first day. However, we hope to achieve the target that we have set by Thursday evening when the auction of commercial plots will be completed,” the Member (Finance) of the Authority told ‘The News’.

The authority is going to offer more commercial plots as well as orchard/fruit & vegetable farms and some to install CNG station in the federal capital. The auction was supervised by a committee headed by Member (Finance) Saeedur Rehman and comprising Member (Estate) Brigadier ® Asad Munir, Member (Planning & Design) Syed Tanvir Bukhari, Director (Estate Management-I), Director (Estate Management-II), Director (One-Window Operations), the Deputy
Financial Adviser-II and the Director (Public Relations) Muhammad Asim Khichi.

[The News]