ISLAMABAD – Keeping the tradition alive of auctioning the plots to overcome financial crisis, the Capital Development Authority (CDA) began auctioning residential and commercial plots in posh areas of Islamabad on Monday. However, sources in the CDA said it was difficult for the civic body to get rid of the financial crunch through auctioning process, amidst a decline in the real estate business.

CDA spokesman Ramzan Sajid told Pakistan Today that auctioning of commercial plots would on Wednesday, adding that the process for the residential plots would again be held after every two or three months, but the commercial plots in the Blue Area was to be organised after a gap of several years.

A CDA official, while seeking anonymity, said the thing, which would be notable in the bidding of Blue Area plots, was the reserved price, as it should be similar to the price of the plot sold on highest rate at the last auctioning. He added that during the last auctioning of blue area plots, the highest bid stood around Rs 0.2 million per square yard.

On the first day of the grand auction, the CDA offered seven residential plots, out of which four are in the Sector G-10/2 while another three are located in Sector F-11/2. Out of these, Plot No151 and 153 in Sector F-11/2, each measuring 400 square yard, received the highest bid of Rs 44,000 per square yard. Whereas Plot No 130 in Sector G-10/2, measuring 233.33 square yard, got the lowest bid of Rs.35,500 per square yard.

Plot No152, measuring 400 square yard in Sector F-11/2, received a bid of Rs 43,500, while Plot No130-C in Sector G-10/2, measuring 233.33 square yard, got received a offer of Rs 39,000.

The bids for 30-B, 130-A and 130, each measuring 233.33 square yard, in G-10/2 were Rs 38,500, Rs.36,000 and Rs.35,500 per square yard respectively.

The auction is being supervised by a committee headed by CDA Member Finance Javed Jehangir, while Tahir Shamshad (Planning and Design), Khalid Mahmud Mirza (Estate) and Syed Ibrar Hussain Shah (Engineering) along with directors of Public Relations, Estate Management-I, Estate Management-II and One Window Operation besides Deputy Financial Advisor are the members of the committee.

The auction of commercial plots would be conducted tomorrow (Wednesday) from 10am to 4pm.

The auction committee would submit its recommendations to the CDA Board, which is the final authority for approval of the process.