CDA’s biggest land auction generates Rs11.28 billion

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VIAIftikhar Choudhry
SOURCEThe Express Tribune
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ISLAMABAD:  In what was their highest-ever return, the top civic agency of the federal capital has raised Rs11.284 billion in a four-day auction of residential and commercial plots in the city.

The auction, the second one this fiscal year, has cumulatively raised 18.76 billion in its October and April rounds, or nearly half of its entire budget for the financial year.

On the last day of the auction, the CDA sold 15 commercial plots, raising Rs5.981 billion. The sale of 23 plots out of the 38 commercial plots put up for the auction raised a whopping Rs10.03 billion for the civic agency.

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CDA Chairman Amir Ali Ahmed said that income from the auction will be used for development projects in the city, especially for the completion of pending development projects.

On Thursday, plot 6-B in the Sector G-8 Blue Area for building a pharmacy, general store and a hotel — with the former on the ground and first floor and the rest on the remaining floors, measuring 777.77 square yards (sqyds) received a bid for Rs655,000 per sqyd.

Similarly, plot 63-C in Sector F-7 Blue Area for building a filling station, measuring 1,711.11 sqyds, received a bid Rs367,000 per sqyd, plot 12 in Sector G-9 Markaz, measuring 733.33 sqyds, received a bid of Rs331,000 per sqyds.

Also Read: PTI govt initiates process for sale of 770 acres of state land

Plot 25-C in Sector G-11/1 for building a ground plus six storey apartment complex, measuring 4,500 sqyds received a bid of Rs162,000 per sqyd.

Orchard plot 66, measuring three acres, received a bid of Rs2.1 million per kanal. Purchasers can build a basement and a ground floor with a total covered area of 9,500 square feet (sqft), including 6,900 sqft as the manager’s residence, 1,000 sqft as the office block, 500 sqft as the kitchen with a toilet, 500 sqft for a servant block, 500 sqft for a tractor and trolley room and 100 sqft as a guard room.

Moreover, it set that the lessee has to plant 70 fruit trees per acre and can also grow vine and bush-based fruits such as grapes, melons, watermelons, and strawberries. However, it has prohibited the construction of swimming pools, gazebos, ornamental landscaping elements and water features in the orchard.

Class-III Shopping Centre plot 2-H in Sector G-9/1, measuring 100 sqyds, received a bid of Rs460,000 per sqyd. Similarly, class-III shopping centre plot 2-C in Sector G-9/3, measuring 133.33 sqyds, received a bid of Rs390,000 per sqyd, class-III shopping centre plot 1-B, in Sector F-11/1, measuring 166.66 sqyds received a bid of Rs856,000 per sqyd.

Similarly,  the community core plot 4-O in Sector H-8/2, measuring 266.66 sqyds, received a bid of Rs660,000 per sqyd, Class-III Shopping Centre plot 3-E in Sector I-14/4, measuring 133.33 sqyds, received a bid for Rs270,000 per sqyd.

Plot 17-A in Diplomatic Enclave Markaz, measuring 427.77 sqyd, received a bid of Rs674,000 per sqyd. Plot 17-C in the Diplomatic Enclave Markaz, measuring 427.77 sqyds, received a bid of Rs672,000 per sqyd.

Similarly, plot 57-B in the Sector F-6 Blue Area, measuring 2,844.44 sqyds, received a bid of Rs932,000 per sqyd.

Timber market plots 74 in Sector I-11, measuring 1,066.66 sqyds, received a bid of Rs70,000 per sqyd and plot 71 in Sector I-11, measuring 1,066.66 sqyds, received a bid of Rs64,000 per sqyd.

Earlier on the first day of the auction, all the 25 residential plots offered on the day were sold, raising Rs1.024 billion. On the second day, only six of the remaining 13 residential plots were sold, raising just Rs230 million.

On the third day, eight commercial plots in various categories were sold, raising Rs4.048 billion.

The auction proceedings were supervised by an auction committee headed by CDA’s finance member. 

Published in The Express Tribune, April 12th, 2019.

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