Islamabad: CDA auctions 12 plots for Rs 165m

[Naveed Yaseen]

ISLAMABAD: The Capital Development Authority (CDA) auctioned 12 residential plots against Rs 165 million on first day of the auction on Tuesday.

CDA presented 13 residential plots in F-10, F-11, G-10 and D-12 sectors for the auction at the Aabpara community centre.

Plot No 149 measuring 400 square yards in F-11/2 was auctioned for Rs 20 million. A plot in sector F-10/2 measuring 600 square yard was auctioned for Rs 16.2 million, while two plots in F-10/2 measuring 555 square yards were auctioned for Rs 41.89 million. A plot measuring 471 square yards in sector G-10/3 was sold for Rs 18.6 million. Five plots in G-11/2 measuring 311 square yards each were sold for Rs 51.31 million. Three plots in sector D-12 measuring 356 square yards each were auctioned for Rs 28.26 million.

The auction committee headed by CDA Member Finance Saeedur Rehman comprised Member (Estate) SM Farooqi, Member (Planning and Design) Abdul Jabar Milano and directors of the formations concerned are supervising the auction process.

According to rules, the bidders have to pay 40 percent of total land cost within a week and remaining 60 percent will be paid in two equal installments of three months. Moreover, four percent CVT will be imposed on plots measuring 500 and above sizes. If a successful bidder would fail to pay the above-mentioned amount his deposit money will be confiscated.

The auction of these plots would be submitted to the CDA Board, which is the final authority to approve or disapprove these bids.

http://www.dailytimes.com.pk/default.asp...10_pg11_13