Islamabad IMTISAL BUKHARI
The recent commercial plot auction organized by the Capital Development Authority (CDA) ended in a major disappointment, raising serious concerns over policy flaws and alleged favoritism. Despite high expectations, only a single plot was sold during the entire day— a Class-III shopping center unit—failing to even cover the daily operational costs of the Jinnah Convention Centre, where the auction was held.
According to sources, the second day of the CDA’s commercial plot auction, overseen personally by CDA Chairman and Islamabad Chief Commissioner Muhammad Ali Randhawa, witnessed extremely poor investor turnout and negligible bidding activity. Insiders claim that a few senior officials manipulated the process to benefit favored investors, causing billions in financial losses to the national exchequer.
In a glaring example of undervaluation, Plot No. 12, which had been sold last year for Rs. 31.5 million per square yard, was auctioned off this time for only Rs. 27 million per square yard. Another prime commercial plot, which could have easily fetched Rs. 35 million per square yard, was shockingly sold for just Rs. 23 million.
The Islamabad Estate Agents Association has strongly criticized the CDA’s handling of the auction. Association President Sardar Tahir Mehmood claimed that the auction failed due to the authority’s poor policies, excessive and unjustified fees, rampant corruption, delays in approval of builders’ plans, and generally anti-business practices.
He commended the unified stance taken by builders, developers, real estate agents, and allied industries who boycotted the auction in protest, calling it a “historic moment” for the industry.
The Association has now demanded urgent reforms from the CDA, including withdrawal of unfair charges, eradication of bribery, and establishment of a transparent, consultative mechanism with all stakeholders. They warned that failure to address these issues could lead to a broader wave of protests.
