ISLAMABAD - The Capital Development Authority (CDA) has sought expression of interest from interested individuals/firms for the auction of 12 valuable commercial plots meant for various mega projects on pre-qualification basis.
All the 12 plots are of same-size, that is 1333.33 square yards each. The CDA is expecting generation of revenue more than Rs5 billion from this auction.
The last date for the submission of expression of interest documents with the Authority is August 7, 2012, while the auction would be held within a week time after the submission of documents.
It will be the first land auction of financial year 2012-13, for which the city managers have anticipated generation of enormous Rs21.423 billion from disposal of residential and commercial plots through auction, both on open and pre-qualification basis. All of these plots are meant for construction of high-rise buildings. The maximum permissible height of buildings on these plots would be up to 350 feet, while the first four floors would be meant for construction of commercial and office buildings and above 4th floor a mix use of offices, commercial and residential would be allowed.
To make the auction attractive for potential investors, the CDA would offer constructions on excessive covered area, that is 81000 square feet, beyond the routine practice. By undertaking this auction, the city managers would also make advancement on a plan to revive the Blue Area (extension), apparently to generate funds by auctioning commercial plots there.
Under the plan, Blue Area will be extended to Sector F-10 and later it will be expended up to proposed Sector F-14.
The CDA Board has recently approved the sale of commercial plots in area counted as extension of famous business hub of the city, Blue Area.
The enormous target of generation of revenue amounting to over Rs21 billion by sale of land for fiscal year 2012-13 shows that this year too, like previous years, the Authority would continue with its selling spree of CDA’s precious land.
“The Authority will expedite the process of selling its land, that is the main source of generation of revenue, during upcoming financial year,” Chairman CDA Engineer Farkhand Iqbal has said while addressing a news conference after presenting CDA’s Budget for 2012-13.
The Auction Committee of the CDA, headed by its Member Finance Javed Jehangir and comprising of Member (Estate), Member (Planning & Design) and the directors of Directorates Public Relations, Estate Management-I, Estate Management-II and One Window Operation Directorates, would supervise the auction process.
The recommendation of the auction committee would be submitted to the CDA Board, which would be the final authority for approving or turning down any of the bids against the plots offered for the auction.