CDA auctions five plots for Rs5.024bn on third day

Islamabad:The Capital Development Authority (CDA) has fetched over Rs21.84 billion from auction of 18 commercial plots of different categories during third day of four-day auction.

On the third day of the auction, a large number of investors participated and secured their preferred plots through competitive bidding. Five commercial plots from various categories were auctioned for Rs5.024 billion on the third day.

The auction committee had already generated revenue exceeding Rs16.82 billion during first two-day’s auction. On the final day, Friday (today), the constructed shops of the Blue Area Parking Plaza would be offered for auction.

According to details, on the third day of the auction, Plot No. 25-B in Sector G-11/1 was auctioned for Rs2.794 billion, Plot No. 5 in Sector G-9/2 for Rs246 million, Plot No. 3-E in I-14 Markaz for Rs661.3 million, Plot No. 3-D in I-14 markaz for Rs661.3 million, and Plot No. 3-C in I-14 markaz for Rs661.3 million. Thus, five plots were auctioned for a total exceeding Rs5.024 billion on the third day.

The auction is being supervised by the Auction Committee constituted under the chairmanship of the CDA Member Finance. The received bids will be thoroughly scrutinised and presented before the CDA Board, which is the competent forum to approve or reject bids. CDA Chairman Muhammad Ali Randhawa has said that revenue generated from the auction will be spent for the betterment and beautification of the city.