ISLAMABAD: The Federal Government Employees Housing Authority (FGEHA) got overwhelming response from investors as it set a new record of fetching Rs8.2 billion in two day-auctions which concluded at Gandhara Citizens Club in F-9 Park on Thursday.

The FGEHA - a subsidiary of Ministry of Housing and Works - auctioned 22 out of the total 24 plots in G-13 and G-14. A healthy competition was observed amongst the investors.

“We are very happy. We were not expecting such an overwhelming response from investors amid current economic issues in the country,” said an officer of FGEHA.

Speaking to Dawn, he said that the auction was record breaking for FGEHA which got zero response in another auction held in August this year.

New record of fetching Rs8.2bn by selling 22 out of total 24 plots in G-13 and G-14

“We had put up three plots in auction in August, but none of them was sold out; but today we successfully auctioned almost all the plots,” he said.

According to FGEHA, the auctioned plots included a 2,600-square-yard mixed-use commercial plot in G-13, four commercial plots with double parking in the central business area of G-14 (Markaz), two commercial plots in Bazaar No 5 in G-13, four commercial plots in Bazaar No 6 in G-13, four commercial plots in Bazaar No 1 in G-14/2 and six commercial plots in Bazaar No 2 in G-14/3.

Director General FGEHA retired Capt Mohammad Zafar Iqbal said the restored confidence of investors was a positive development for both the authority and the country’s economic growth.

He congratulated all the investors and assured them of full cooperation and support from the authority. “Transparent auctions like these boost commercial and business activities, contributing to economic stability,” he said.

The DG also announced the establishment of a dedicated Investor Facilitation Cell, which he termed an “investor-friendly initiative” to support future auctions and further investment.

It is relevant to note here that apparently perturbed over the outcome of last auction, FGEHA had introduced new incentives for

investors this time as time frame of six installments was increased from one year to two years.

Besides, instead of total 100pc payment, the investors could get possession of plots after making 75pc payment with provision of valid bank guarantee of remaining 25pc payment.

Meanwhile, the floor area ration (FAR) of mixed use apartment plots was also increased from 1:5 to 1:6. It seems the new incentives by FGEHA paid off.

Published in Dawn, November 15th, 2024