ISLAMABAD: The Capital Development Authority (CDA) has decided to auction around 150 plots in Park Enclave next month.

The decision has been taken by the top management of the civic body after witnessing a smooth flow of infrastructure development work at the housing scheme.

“The market position is favourable for the buyers of Park Enclave as the real estate business is facing a slump for almost two months starting from Ramazan and later due to the sit-ins,” a senior official in the estate department CDA said.

The official said buyers had enough cash, but the activities in real estate had slowed down for the last few months.

Sources in the civic body said that the CDA management had estimated to fetch more than Rs3 billion additional amount from the auction.

Buyers have an edge as real estate business faces slump

Work at Park Enclave was launched in second week of August and the contractor Chaudhry Amir Latif had even assured the civic body to conduct the auction at the site to make it more attractive.

“The tracks and markings of main roads and other roads will be visible in October and the auction can be held just after Eid,” Chaudhry Latif added.

Park Enclave was launched in 2011 and the CDA termed the scheme as ‘Jewel of Islamabad’ which was scheduled to be completed by December 2013, but the project not only got delayed mainly due to mismanagements at the CDA, but many buyers even returned the plots.

The CDA management is confident that Park Enclave would be completed by December 2015.

Out of 644 plots offered in the Park Enclave only 613 could be sold but later 19 buyers demanded refunds for their money, therefore the CDA could manage to sell only 594 plots in the luxury housing scheme.

“Currently we not only have 50 plots from the original scheme but an estimated 100 more plots are likely to be available as the ground work makes progress,” said member estate Amer Ali.

He said that additional plots will be available as land will be levelled.

“The amount earned from the sale of these additional plots will be used in non-commercial projects like up-gradation of sewerage system in city, which is already overdue,” he added.

“In January 2014 the plot price in Park Enclave was around Rs9 million that is below the auction rate of Rs12 million, but now it is hovering at Rs15 million, while the rates at adjoining private housing society are getting lowered,” said Waheed Cheema, a property dealer in the area.

Published in Dawn, September 11th , 2014