ISLAMABAD: A flower market in F-8 Markaz has been auctioned against Rs14.3 million per annum rent lease.

The flower market with 11 small shops was constructed by Capital Development Authority (CDA), and handed over to the Directorate of Municipal Administration (DMA) that is now part of the Metropolitan Corporation Islamabad (MCI). But, it remained abandoned for four years.

However, on Tuesday, DMA conducted first ever mega open auction of shops, which were auctioned ranging from Rs83,000 per month to Rs140,000 (per shop) and collectively, all 11 shops were auctioned against Rs14.32 million per annum.

Director DMA Rai Yasir Farhad supervised the auction.

Sources said that before holding the auction Assistant Director DMA Abdul Ghafoor conducted surveys of various markets and pleaded that these shops had great revenue potential.

Upon his working, the DMA had also fixed Rs30,000 per month rent as reserve price, but it received massive high bids than the reserved prices.

Last year, mystery shrouded the allotment of the shops as several people had claimed that the shops had been allotted to them. However, the then chief operating officer and the director DMA had claimed that all allotment letters in possession of some people were fake.

The alleged fake allottees last year had occupied a few shops but the DMA sealed them later.

Finally, the MCI and DMA auctioned the shops.

Like the said market, there are three such flower markets in F-7 Markaz (Jinnah Super) and one each in F-6 (Super Market) and F-10 Markaz. These all are busy markets as flower lovers frequently visit there to purchase fresh flowers for various parties.

The monthly rent of shops in these markets is less than Rs5,000 (per shop). But, in new market, there is up to whopping Rs181,000 per month. An official of DMA, after noticing of high monthly rent said that it seems, the auction will not be matured.

However, an official of DMA, who was part of the auction, said that Rs500,000 were taken from each bidder as security.

Published in Dawn, October 25th, 2023