CDA to fetch Rs6b from auction of commercial, residential plots

Islamabad
Capital Development Authority’s (CDA) is poised to fetch around Rs 6 billion from two- day auction of residential and commercial plots.
The auction process completed on Thursday and successful bids are subject to approval by the CDA board. On the second day, 14 commercial plots of different sizes in the developed sectors, Industrial Area, Markaz and Blue Area were auctioned at the record prices and fetched Rs5.264 billion. Commercial plot no. 2 of markaz F-11 measuring 1500 square yards was auctioned at the price 79,000 per square yard, while plot No. 2-A and 11 of Markaz F-11 measuring 1666.67 and 888.88 square yards were auctioned at the prices of Rs251,000 and 492,000 per square yard. Similarly plot no. C-2 of Blue Area measuring 1333.33 square yards received the bid of Rs. 721,000/ per square yard, Plot No C-3 of Blue Area measuring 1333.33 square yards, was auctioned at the price of Rs. 705,000. Plot No C-25 of Markaz G-10 measuring 416.66 square yards was auctioned at the price of Rs246,000 per square yard. Similarly, plot no 29 and 30 of Markaz G-11 each measuring 711.11 square yards were auctioned at prices of Rs. 356,000/- and 404,000/- respectively, while Plot No 18 of Markaz G-11 measuring 4100 square yards was auctioned at the price of Rs115,000 per square yard.
Plot no 16 measuring 1066.00 square yards of Markaz I-8 received the bid of Rs311,000 per square yard while Plot No 2-B of I-9 Markaz measuring 415.25 square yards was offered a bid of Rs210,000 per square yard. Plot No 10 of sector I -11/4 measuring 4363.33 square yards was auctioned at the price of Rs36,000/- per square yard. Plot no. 4 and 6 of I J Principal Road each measuring 222 square yards were auctioned at the prices of Rs115,000 and 120,000 per square yard.
The auction committee will place its recommendations before CDA Board which is competent forum to approve or reject the bids.