CDA auctions six commercial plots for over Rs17 billion

ISLAMABAD: Amid boycott from the real estate players and builders in Islamabad, the Capital Development Authority (CDA) on the first day of the three-day open auction exercise auctioned six commercial plots for Rs17.14 billion in Blue Area and different Marakiz of the federal capital.

At the same time, the auction committee headed by Member Finance deferred auction of over a dozen commercial plots in Markaz I-14, G-10, G-9 and F-11 for want of desired offers.

The real estate sector of Islamabad only a day before, announced to boycott three-day auction of commercial plots as a protest against three-time increase in transfer fee of commercial and residential property from one percent to three percent.

A plot number 12, measuring 1333.33 square yards in Blue Area fetched highest bid of Rs3.60 billion while plot 13 of size 3055.55 in the same area was auctioned for Rs7.24 billion and plot 14 measuring 1333.33 was auctioned for Rs4.16 billion. According to the CDA spokesman, three commercial plots each of size 533.3 square yards in Markaz I-14, were auctioned for a total amount of Rs2.12 billion.