In a landmark development, the Flower Market in F-8 Markaz was successfully auctioned for an annual rent lease of Rs 14.32 million, setting a new precedent in the real estate market. The auction, which saw a significant increase in rent prices compared to other flower markets in the city, marked the revival of a once-abandoned venture.
The Flower Market, comprising 11 small shops, was initially constructed by the Capital Development Authority (CDA) and later handed over to the Directorate of Municipal Administration (DMA), which is now part of the Metropolitan Corporation Islamabad (MCI). For four long years, the market lay dormant, but that changed dramatically on a Tuesday that will be remembered in Islamabad’s real estate history.
The Mega F-8 Markaz Flower Market Auction
DMA, under the vigilant supervision of Director Rai Yasir Farhad, conducted its first-ever mega-open F-8 Markaz Flower Market auction of the flower market shops. The F-8 Markaz Flower Market auction garnered significant attention from bidders and curious onlookers alike, as 11 shops went under the hammer, fetching prices ranging from Rs 83,000 per month to Rs 140,000 per shop. In total, the annual rent lease reached a staggering Rs 14.32 million, exceeding initial expectations.
Assistant Director DMA, Abdul Ghafoor, played a pivotal role in preparing for the auction. He conducted extensive surveys of various markets, highlighting the substantial revenue potential these shops held. DMA had initially set a reserve price of Rs 30,000 per month, but the final auction prices soared far above this benchmark.
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Resolving Past Controversies
The allocation of these shops had previously been marred by controversy, with multiple individuals claiming to have rightful ownership. The former Chief Operating Officer and the Director of DMA had asserted that all allotment letters in the possession of certain individuals were fraudulent. Last year, some alleged fake allottees even occupied a few shops temporarily, only for the DMA to seal them later.
The successful F-8 Markaz Flower Market auction finally put an end to this dispute. The F-8 Markaz Flower Market is not the only one of its kind in Islamabad. There are three similar flower markets located in F-7 Markaz (Jinnah Super) and one each in F-6 (Super Market) and F-10 Markaz. These markets have traditionally offered shops for rent at a monthly rate of less than Rs 5,000 per shop.
However, the F-8 Markaz auction set a new standard, with rents going as high as Rs 181,000 monthly. An official from DMA expressed reservations about the maturity of such a high monthly rent but remained optimistic about the market’s potential.
As part of the auction process, a sum of Rs 500,000 was taken as security from each bidder, ensuring the transparent and secure nature of the transactions.
The successful F-8 Markaz Flower Market auction signifies a thriving real estate market and showcases the growing demand for such commercial spaces in Islamabad. This landmark event not only resolves past controversies but also promises a vibrant and profitable future for the market.