Post Reply 
 
Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
Residential plots auction fails to fetch good price
01-11-2012, 11:54 AM
Post: #1
Residential plots auction fails to fetch good price
Residential plots auction fails to fetch good price

ISLAMABAD: Bidders showed poor response on the first day of two-day auction of plots conducted by cash-strapped Capital Development Authority (CDA) on Monday.

The authority fetched a total of Rs87.132 million by selling seven residential plots in the auction.

The response of the bidders indicated that the real estate market in Islamabad still under severe recession as the bids offered by the buyers were said to be lower by at least five per cent as compared to that offered in the last auction of plots held by the civic agency.

The CDA Spokesman Ramzan Sajid linked the declining trend in real estate market with overall economic situation in the country.

`Overall market of real estate is down therefore we are satisfied with what we have fetched through auction,` he said.

On the first day of the auction, 10 residential plots were offered for bidding but seven were sold and the rest could not attract buyers and bidsgiven by some bidders were said to be `unreasonable` and thus they were not accepted.

The auction of commercial plots will be held on Tuesday.

In the last auction, 400 square yard residential plots in sector F-11 were auctioned for more than Rs45,000 to Rs50,000 per square yard.

However, the highest bid in Monday`s auction for a plot having same measurement in F-11 was Rs44,000 per square yard.

It was officially informed to the media that CDA offered four plots for bidding in sector G-10/2 and three plots in sector F-11/2.

Plot number 151, and plot number 153 in sector F-11/2 each measuring 400 square yard received the highest bid of Rs44,000 per square yard.

Whereas plot number 130 in sector G-10/2 measuring 233.33 square yard got the lowest bid of Rs35,500 per square yard.

Giving details of the auction the CDA spokesman said plot number 152, measuring 400 square yard in sector F11/2 received highest bid of Rs43,500 per square yard. Aplot number 130-C in sector G-10/2 measuring 233.33 square yard was auctioned for Rs39,000. Plot number 130-B, measuring 233.33 square yard in sector G-10/2 was sold for Rs38,500 per square yard.

Plot number 130-A measuring 233.33 square yard in sector G-10/2 received highest bid of Rs36,000 per square yard and plot number 130 measuring 233.33 square yard was sold at Rs35,500 per square yard.

This auction was supervised by a committee headed by Javed Jehangir, member finance, while Tahir Shamshad, planning & design, Khalid Mahmud Mirza, member estate, Syed Ibrar Hussain Shah, member engineering, director public relations, director estate management-I, director estate managementII, director one window operation, and deputy financial advisor monitored the auction as members of the committee.

The auction committee would submit its recommendations to the CDA board, which is the final authority for approval of auctions.
Visit this user's website Find all posts by this user
Quote this message in a reply
Post Reply 


Possibly Related Threads...
Thread: Author Replies: Views: Last Post
  DHAI-R Announces 2nd Ballot for Residential Plots in River View South Phase-IV LRE-Azan 0 151 01-12-2024 02:15 PM
Last Post: LRE-Azan
  CDA Decided to Auction Commercial & Residential Plots Next Month LRE-Azan 0 316 09-30-2023 04:55 PM
Last Post: LRE-Azan
  FGEHA Launched Residential Plots In Sector F-12, G-12 For Local And Overseas Pakistan LRE-Azan 0 390 08-31-2023 07:13 PM
Last Post: LRE-Azan
  Nepra fails to resolve ‘overcharging’ dispute LRE-Azan 0 615 01-26-2023 02:34 PM
Last Post: LRE-Azan
  Good News: DHA Quetta Says Residents Will Soon Get Optical Fiber Cable Service LRE-Azan 0 618 01-26-2023 02:31 PM
Last Post: LRE-Azan
  Good News: LDA Announces 4th Ballot for Allocation of Plots in LDA City LRE-Azan 0 701 01-21-2023 02:23 PM
Last Post: LRE-Azan
  Islamabad Fails to Find Permanent Landfill Site, Consultant Engaged January,21,2023 LRE-Azan 0 693 01-21-2023 01:18 PM
Last Post: LRE-Azan
  Good news: Margalla Avenue to be Completed ‘Very Soon’ – Chairman CDA LRE-Azan 0 781 01-21-2023 01:15 PM
Last Post: LRE-Azan
  Good News: NHA to Restart Double-Road Construction Between Rawalpindi and Kahuta LRE-Azan 0 682 01-20-2023 06:23 PM
Last Post: LRE-Azan
  The Dollar Price Increase In The Open Market Also Gold Price Increase Per Tola LRE-Azan 0 1,305 11-27-2021 02:28 PM
Last Post: LRE-Azan
  Grand Avenue Lahore Residential Plots For Sale 24 Sep 2016 Salman 0 6,192 09-24-2016 12:51 PM
Last Post: Salman
  CDA Collected Rs6 billion from Plots Auction Salman 0 4,523 04-24-2015 03:11 PM
Last Post: Salman
  CDA finalises arrangements for auction of commercial plots Salman 0 4,844 03-26-2014 06:36 PM
Last Post: Salman
  CDA’s commercial plots auction from April 2nd Salman 0 4,750 03-22-2014 06:07 PM
Last Post: Salman
  Islamabad CDA to auction commercial plots from next month Salman 0 5,097 03-17-2014 01:30 PM
Last Post: Salman
  LDA Auctioned Six Commercial And Nine Residential Plots ... Salman 0 5,110 03-14-2014 05:47 PM
Last Post: Salman
  CDA changes building parameters to make auction of plots success Salman 0 4,391 02-28-2014 01:38 PM
Last Post: Salman
  Good News For Registered Members Of Bahria Town Karachi Salman 0 4,946 02-06-2014 12:42 PM
Last Post: Salman
  Islamabad : Wapda Town Residential Plots for Sale, Apply Till January 31, 2014 Salman 0 9,831 01-06-2014 11:50 AM
Last Post: Salman
  Citi Housing Gujranwala Offers Residential Plots for Sale Salman 0 17,780 12-09-2013 02:28 PM
Last Post: Salman

Forum Jump:


User(s) browsing this thread: 1 Guest(s)