ISLAMABAD: The Capital Development Authority (CDA) has finally decided to sell 100 fresh plots located in its Park Enclave scheme, but their proposed rates are around 30 per cent higher than the market price.

The plots are divided in one and two kanals.

The authority is scheduled to present over 100 new residential plots from November 17 and proposed Rs23 million for each kanal.

Proposed rate of the plots is 30pc higher than market price

The interested buyers can submit forms by December 17.

However, the market players maintain that the suggested price of Rs23 million was too high compared to the current market price.

“The open market rates of one kanal plot in Park Enclave range between Rs17 million and Rs19 million depending on its location,” said Istiaq Shah, a local of Kuri village, who also runs a property business in the area.

The authority officials too had reservations about the calculations made by the costing department of the CDA.

They said it seems the officials were making the same mistake they did during the auction of plots in D-12 and E-12 sectors held last year.

“The residential plots in these sectors could not attract buyers mainly because the costing department had worked out prices of plots relatively higher than the prevailing market rates of the plots,” the official added.

On the other hand the spokesman for the CDA rejected the argument and said that the case of E-12 and D-12 was a bit complicated.

“But for the fresh buyers at the Park Enclave scheme there are added advantages compared to buying the same plot from a dealer,” spokesman for the CDA Asim Khichi said.

CDA had offered 644 plots at Park Enclave in 2011 but only 613 buyers showed up and 19 of them later demanded refund of their money. Therefore, 594 plots have been sold at the luxury housing scheme.

Therefore, 50 plots of one kanal are already available at the scheme, while the remaining 50 plots of two kanal are expected to be carved out as the land development continues.

Launched in 2011, CDA termed Park Enclave as ‘Jewel of Islamabad’ and it was scheduled to be completed by December 2013, but the project got delayed due to alleged mismanagement by the CDA.

Now the CDA believes that Park Enclave will be ready by December 2015, as the development works has already been launched there.

Published in Dawn, November 12th, 2014