Less than half the plots on offer sold at FGEHA auction.

ISLAMABAD -- The slump in the real estate market caused by the economic crisis was reflected in an auction of commercial plots by the Federal Government Employees Housing Authority (FGEHA) that sold less than half the plots on offer.

The auction fetched Rs520 million from the sale of six plots in the newly developed G-13 and G-14 sectors, out of a total of 14.

FGEHA Director General Wasim Bajwa told Dawn that the money generated by the auction will be spent on infrastructure development in both sectors, which have been acquired and developed by the authority.

According to the authority's media cell, the auction was attended by senior officials from the FGEHA, Ministry of Housing and Capital Development Authority (CDA).

Authority fetched Rs520m from sale of six commercial plots in G-13, G-14; auction on remaining eight plots deferred due to low bids

'The authority offered 14 commercial plots in the auction, of which six were sold and the auction of the eight other plots was deferred due to low bidding,' Mr Bajwa said.

'We have deferred the auction of plots because we did not receive bids over the value set by the authority for the plots,' he explained.

He said the bids approved for the six plots were satisfactory, and were even higher than the bids the CDA received at its last auction of plots in the same sectors.

The funds generated will be used to address civic plots on both sectors...