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| April 15, 2003 | Tuesday | Safar 12, 1424 |
CDA fetches Rs363m from plots auction on first day
ISLAMABAD, April 14: The Capital Development Authority (CDA) earned around Rs363 million from the auction of 50 plots of different sizes on the first day of four-day open auction of residential and commercial plots on Monday at the Fire Brigade headquarters.
As many as 25 plots measuring 400sq yards located in sector F- 11/2 were offered to public for auction.
These plots drew a minimum bid of Rs8.4 million at the rate of Rs20,100 per sq yard while the maximum was recorded at Rs9.52 million at the rate of Rs23,800 per sq yard. The total amount earned from the auction of 400sq yards plots was around Rs217.5 million.
Similarly, 23 out of 25 plots measuring 355.55sq yards located in sector G-10/2 were also disposed of through auction. The minimum bid this size of plots fetched was around Rs5.8m at the rate of Rs16,200 per sq yard while the maximum bid was recorded at around Rs7 million at the rate of Rs19,500 per sq yard. The money earned through auction of these 23 plots in the category of 355.55 sq yard was around 145 million.
Only two plots measuring 272.22 sq yards were offered for auction on the first day of the four-day activity in sector G- 10/2 and both fetched identical price of around Rs4.85m at the rate of Rs17,800 per sq yard and the total income from the auction of these two plots stood at Rs10.9 million.
Traditionally, on the first day only residential plots in developed or developing sectors were offered for open auction and there was a lot of interest not only among the professional property dealers of the twin cities but also from general public as well.
The trend on the opening day clearly indicated a sharp upward trend in real estate investment, as the bids remained on the higher side as against the expectations of the people.
Some property dealers were not ‘very pleased’ with the ‘people with dollars’.
They were referring to those people who have recently returned from the US and some other European countries because of the strict immigration and now wanted to settle in the federal capital.
Meanwhile, Syed Faisal Saleh Hayat, the federal minister for Interior directed the Authority to expedite development projects in the federal capital.
He was being given a briefing at the Capital Development Authority head office on Monday regarding the performance and progress of different plans and projects being undertaken by the Authority in pursuance of his directives issued in February.
The minister was briefed about the status of various development/improvement projects being implemented for improvement of parade ground site, the Fatima Jinnah Park F-9, the VVIP route from airport to Convention Centre and beautification of the Constitution and the Jinnah Avenues.
He also directed the CDA to take up construction and repair of roads, installation of street lights, removal of encroachments without any discrimination and flower planting to make the federal capital more beautiful and give it a healthy environment.
The performance of the sanitation directorate was also reviewed and the minister was informed that garbage was being regularly collected daily and buried properly and proper care was being paid to maintain cleanliness standards in the federal capital.
The additional secretary of the interior ministry also attended the briefing. To a point raised by the CDA the Minister said proposals for filling of the vacant positions and upgradation of existing posts will be considered in positive terms.
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