CDA coffers get richer by Rs11.28b from plot auction

Islamabad : The Capital Development Authority (CDA) is set to earn record amount of Rs11,284 million (Rs11.28 billion) from four-day auction of commercial and residential plots which concluded on Thursday.

The auction proceedings were supervised by the Auction Committee headed by Member Finance, CDA, which the CDA spokesman said, was managed and conducted auction in a well-organised, open and transparent manner. He said that auction of every plot witnessed the prolonged bidding process which shows a complete, fair and transparent competition as well as keen interest of the investors and bidders due to which the four-day activity received a very favourable response from public at large.

On the 4th day of auction, one of the commercial plots No. 57-B in Blue Area (F-6) measuring 2844.44 square yards was auctioned for over Rs2651 million (Rs2.651 billion) at rate of Rs932,000 per sq yard while plot No.6-B, Blue Area (G-8), measuring 777.77 square yards received bid Rs655,000 per square yard and it was auctioned for over Rs509 million. Similarly plot No.63-C, Blue Area (F-7) measuring 1711.11 received bid Rs367,000per square yard and was auctioned for over Rs627 million. Plot No.12, Markaz G-9, measuring 733.33 sq yards received bid Rs.331,000 per square yard, plot No.25-C, Sector G-11/1, measuring 4500 received bid Rs162,000 per square yard. Similarly, plot No.66, Sehana (Orchard), measuring three acres, received bid Rs2,100,000 per kanal, plot No.2-H, Class-III Shopping Centre, No.1, G-9/1, measuring 100 sq yards received bid Rs.460,000 per square yard, plot No.2-C, Class-III Shopping Centre, No10, G-9/3 measuring 133.33 sq yards received bid Rs.390,000 per square yard, plot No.1-B, Class-III Shopping Centre, No.5, F-11/1 measuring 166.66 square yards received bid Rs856,000 per square yard, plot No.4-O, Community Core, H-8/2, measuring 266.66 sq yards received bid Rs660,000 per square yard, plot No.3-E, Class-III Shopping Centre, No.10, I-14/4, measuring 133.33 sq yards received bid Rs270,000 per square yard, plot No.17-A, Diplomatic Enclave Markaz, measuring 427.77 sq yards received bid Rs674,000 per square yard, plot No.17-C, Diplomatic Enclave, measuring 427.77 sq yards received bid Rs.672,000 per square yard, plot No.57-B, Blue Area (F-6), measuring 2844.44 sq yards received bid Rs.932,000 per square yard, plot No.74, Sector I-11, measuring 1066.66 sq yards received bid Rs.70,000 per square yard and plot No71, Sector I-11, measuring 1066.66 sq yards received bid Rs.64,000 per square yard.

CDA chairman said that income from auction will be used to enhance the development activities in the city especially for completion of last standing pending development projects. He also appreciated the arrangements of transparent auction of plots.