CDA auctions only two plots on 2nd day

ISLAMABAD: The Capital Development Authority (CDA) on second day (Wednesday) of open auction, managed to auction only two commercial plots for nearly Rs1.90bhn, taking the tally to Rs19.03bn from sale of eight plots in two days. On the first day, the auction committee accepted highest bids to the tune of over Rs17 billion for six commercial plots, three of those at Blue Area’s lucrative locations. The second day’s exercise witnessed a minute success as sale of most of the plots on offer had to be deferred due to least interest shown by investors. A senior CDA official said the results of auction have been as per the expectations in view of prevailing circumstances. For the bidding committee, the auction of plot No 20 meant for petrol pump measuring 2666.66 square yards was auctioned for just Rs1.64 billion while a commercial plot of 133.33 square yards in Bazar No 5 of F-11/1 received highest offer of Rs251.3 million. Today (Thursday), the bidding committee headed by Member Finance Tahir Naeem would offer 13 shops located in Parking Plazas of Blue Area for auction. CDA Chairman Muhammad Ali Randhawa heads the CDA board, which would approve highest bid accepted by the auction committee. The CDA management said that proceeds from the auction would be spent on ongoing and coming development projects, beautification and uplift of Islamabad.