The Capital Development Authority (CDA) fetched over Rs 2.426 billion through selling of two commercial plots in Blue Area, allocated for the construction of high-rise buildings in the federal capital here on Tuesday. However, the capital civic body withdrew from auctioning a plot at the heart of Jinnah Avenue as the investors have recorded their grave concern regarding poor planning of the plot and non-specification of car parking lot in the proposed building.
The open auction was arranged by the CDA at the Convention Centre under the supervision of Member Finance/Member Administration Kamran Qureshi flanked by member engineering and member planning. The investors had offered over Rs 1.5 billion bids for the said plot.
The CDA however deferred the auction for indefinite period and next date would be announced after discussing the issue in the upcoming board meeting. This plot measuring 186 ft x 288 ft is located in front of Saudi-Pak Tower, Blue Area's green belt.
The auction started at 10:00 am and continued till 2:00 pm Nadeem Sharif and Company (Pvt) Ltd from Lahore gave highest bidding for these two plots.
More than 37 investors from across the country attended the open bidding but the authority's estate management directorate-II issued tokens to only 29 companies keeping in view their eligibility.
According to the CDA estate management-II directorate, a plot number 59 measuring 12,844.44 square yards located at the central point of Jinnah and Constitution Avenue just opposite to the American Centre was sold at the rate of Rs 520,000/sq.yard.
Nadeem Sharif and Company also offered bid at the rate Rs 401,000/sq.yard against another plot of size 2,488.89 sq. yards situated in front of Nefdec Cinema, Jinnah Avenue. The CDA fetched Rs 998,044,890 against auction of said plot.
Talking to Business Recorder, a local investor Aurangzeb Shah said the CDA could play a key role in beautifying the federal capital by holding such extravaganzas to construct multi-storeyed buildings.
He expressed full confidence over the transparency of auction, and said the investors during the bidding process gave some fruitful suggestions for redesigning of a plot before its re-bidding after board meeting.
The investors have insisted the CDA should allow at least four to five stories of those high rise buildings as commercial. The CDA planning wing had allowed only one storey to be utilised for commercial purpose while basements would be used for staff/employees car parking.
The commercial plots were offered on 99 years lease through open auction. The CDA board can accept or reject bids of these plots within 30 days.