ISLAMABAD: On its first day, Capital Development Authority (CDA) has got a resounding response for the auction of commercial plots in Islamabad as the authority has received bids against 11 commercial plots on Tuesday located in the Marakiz and different markets of various developed sectors worth over Rs3.6 billion.
The first day of the auction was attended by a large number of people who enthusiastically participated to get plots of their choices. The three-day auction of commercial plots will conclude on March 29.
After first five auctions, Chaudhry Naseer, owner of Silver Oaks, left his seat to protest the negligence, exuberant base prices, and failure to provide infrastructure to plots previously auctioned. Naseer was later on joined by other auctioneers who also aired their grievances.
However, after a brief interval, the auction continued smoothly.
CDA Chairman Usman Akhtar Bajwa expressed his pleasure over a transparent and successful auction of commercial plots and said that the income from the auction will be spent on development of various sectors of Islamabad. The chairman further said that the successful auction of a large number of plots at higher prices on the very first day was the expression of trust by the citizens in CDA.
On the first day, plot No 7 measuring 166.66 square yards located in F-10/3 was auctioned at Rs765,000 per square yard, plot No 3-H, Sector F-10/4 measuring 133.33 square yards was auctioned at 817,000 per square yard and plot No 1-N, measuring 133.33 square yards of Sector F-11/1 was auctioned at the rate of Rs560,000 per square yard.
Moreover, plot No 1-O of the same markaz measuring 200 square yards was auctioned at Rs710,000 per square yard while plot No 5, Sector F-8/4 measuring 160 square yards was auctioned at Rs916,000 per square yard. Similarly, commercial plot No 11, Sector F-6/2 measuring 160 square yards was auctioned at the rate of Rs800,000 per square yard.
Commercial plot No 63-C for filling station, measuring 1666.66 square yards, was sold at Rs400,000 per square yard and plot No 20, Sector D-12 measuring 711.11 square yards was sold at Rs414,000 per square yard, whereas plot No 20-A of same sector measuring 711.11 square yards was sold at Rs.454,000 per square yard.
Furthermore, plot No 30 of Markaz I-8 measuring 1111.11 square yards was sold at Rs770,000 per square yard and plot No 31 of the same locality measuring 1066.66 square yards was sold at Rs716,000 per square yard.
On the second day, commercial plots of Markaz F-11, G-11, I-8, I-12 and I-16, class-III shopping centre, plots of D-12 and petrol pump plot of Park Enclave will be presented for the auction.
An eleven-member committee headed by CDA Member Finance Dr Fahad Aziz supervised the auction proceedings. Member Estate Khushal Khan, DyDG (Estate), DyDG (Law), deputy financial advisor-II, director public relations, director (UP), director (RP), director estate management-II and deputy director (Finance) of CDA were the members of the committee.
While talking to Pakistan Today, CDA Spokesperson Malik Salim said that the first day of the auction was held in a competitive and cordial atmosphere. “This shows that the business community has full confidence in the endeavours of CDA and are willing to invest in projects offered by the civic agency,” he added.
