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Objectors do not turn up at plot auction venue

Updated August 22, 2013

ISLAMABAD, Aug 21: On the second day of auction of commercial plots, new investors did not turn up at the venue amid reservations over its transparency.

A day earlier, some property dealers from Karachi questioned the transparency of the auction and accused the civic agency officials of supporting local property tycoon.

Sources insisted that the Karachi-based investors who have registered themselves with the auction committee did not turn up as a mark of protest.

An official of the authority told Dawn the Capital Development Authority (CDA) had again benefited the local property contractors of the city.

A property dealer from Karachi added: “My investors from Karachi have refused to participate in the auction since they believe that it is only favouring property tycoons of the city.”

“We are sure the auction is not transparent,” asserted the property contractor.

On Tuesday member finance of the CDA did assure the property consultants that their grievances over transparency would be addressed.

Meanwhile, the Capital Development Authority in its press release claimed: “During the two days auction of commercial plots, the civic authority has auctioned 14 commercial plots successfully.

The press release said that CDA was expecting Rs4billion income from auction of these plots, out of which Rs1 billion would be received in first phase.

However, the auction committee would submit its recommendations to the CDA Board, which is the final authority for approval of these bids.

The press release explained that during the day auction, CDA received better response and auctioned four commercial plots each in I-11/4 and I-8 Markaz respectively.

It added that three plots were also sold in F-11, one commercial plot each in F-8, I-10/3 and G-5 was also auctioned.

The auction was participated by a large number of business community and got their desired commercial plots, claimed the press release.

The auction was supervised by a committee headed by member finance Azher Ali Chaudhry.