ISLAMABAD – The city managers are expecting to earn a handsome amount of Rs 800 million approximately from the auction of six commercial plots in busiest business centers of the federal capital.
CDA is terming the auction to be held on July 21 of commercial plots as an exceptional investment opportunity in business hubs of the capital in a bid to attract the attention of investors.
CDA will offer six plots of different sizes in marakiz including F-6, F-7, F-8, F-11 and G-11. Commercial plots including plot no 24 measuring 711.11 square yard in Markaz F-6, plot no 1-D measuring 355.55 square yards in Markaz F-7, plot no 13-G measuring 666.66 square yards in Markaz F-8, plots no 5 and 27 measuring 1777.78 square yards and 844.44 square yards respectively in Markaz F-11 and plot no 33 measuring 1777.78 square yards in Markaz G-11 would be offered for what they called “grand auction”. Most of the aforementioned plots are either rejected by the CDA Board for low bids offered against them in recent past or in some cases successful bidders did not submit amount against plots.
It would be the first auction of land by CDA during the ongoing fiscal year 2011-12, for which it has targets of generation of Rs 13 billion from the sale of its precious land. The target Rs 13 billion also includes Rs 4 billion from the sale of plots in a recently announced CDA’s housing project Park Enclave and another Rs1 billion as balance receipt of previous auctions. While the city managers are also expecting to generate Rs 3 billion from the sale of residential and commercial plots in Sector E-11, besides Rs 2 billion each by disposal of plots through pre-qualification and local auctions. While estimates of generation of Rs 1 billion are also there from the sale of plots in Diplomatic Enclave during the fiscal year 2011-12.
The target of Rs13 billion from the sale of land for the fiscal year 2011-12 is slightly higher than the target of Rs 11.421 billion for previous fiscal year 2010-11.
CDA Member Finance Saeedur Rehman said the Authority is expecting good response from the upcoming auction of commercial plots. Sale of precious land has always remained the biggest as well as an easiest source of generation of income for the city managers despite their tall claims that they would shun this practice and evolve new avenues for the generation of revenue.