RDA revises reserve prices for re-auction of parking plazas, shops

RAWALPINDI: The Rawalpindi Development Authority (RDA) has approved revised reserve prices for the re-auction of its parking plazas, commercial shops and parking sites used by cars, motorcycles, auto-rickshaws and other vehicles.

The decision was taken on Wednesday at a meeting chaired by Director of Estate Management Maliha Isar. During the meeting, she told participants that lease agreements for parking plazas and commercial shops were close to expiry, making it necessary to set fresh reserve prices before the properties are put up for auction again.

Under the decision, the new auction process will begin with a 10 per cent increase over the current rent of each property. The meeting decided that all RDA-owned properties that are presently leased or rented out will have their existing rents raised by 10 per cent to determine the new reserve prices for open auction.

Officials outline basis for revision

Director of Finance Masood Ahmed said reserve prices should be fixed in line with rules and regulations in a way that promotes the widest possible public participation in the auction process.

Meanwhile, the Director of Administration informed the meeting that renovation work and other preparatory steps were being carried out ahead of the auctions in an effort to maximise revenue for the authority.

The revised pricing applies to a range of RDA properties, including parking plazas, commercial outlets and designated parking locations for different categories of vehicles. The authority is now moving ahead with preparations for the fresh auction exercise after setting the updated benchmark prices.

Revenue objective linked to development works

According to the decision taken at the meeting, the increase in reserve prices is intended to strengthen the authority’s future income. The additional funds generated through the revised auction process are to be used for development projects.

The meeting’s participants were informed that the revision was necessary because of the approaching end of existing lease periods. With that in view, the authority moved to establish new reserve prices before launching the re-auction of the properties.

The RDA’s move covers both commercial and parking-related assets under its ownership. By linking the reserve prices to a 10 per cent increase in current rents, the authority has set a uniform basis for the upcoming open auction process.

Officials also indicated that preparatory work was already under way so that the auction process could proceed in a manner aimed at improving returns for the authority. The revised reserve prices will now serve as the starting point for the re-auction of the relevant RDA properties.