CDA auctions commercial plot for record price of Rs700 million

Islamabad
The Capital Development Authority (CDA) on first day of the two-day auction of commercial plots managed to sell a plot, measuring 888.88 square yards, for a record price of Rs700 million. However, the remaining auction was suspended due to boycott by investors under the umbrella of Islamabad Developers Association (IDA) at the Pak-China Friendship Centre on Monday.
The commercial plot located in Markaz F-11 received the highest bid of Rs790,000 per square yard.
The auction process was affected due to reservations of some investors and developers.
However, an official, requesting not to be named, said that after negotiations the issue at hand was resolved. The CDA has decided to address issues raised by the Islamabad Developers Association (IDA) on sustainable basis to encourage its active participation in development of the city. The auction process would continue on Tuesday (today).
Meanwhile, the CDA has reiterated that the civic body would continue its business-friendly policies, which are focused to benefit serious investors to make Islamabad a modern business hub of the country. Furthermore, the CDA has resolved to address the genuine grievances of all stakeholders.
The CDA has shown its commitment that revenue generated through the auction would be spent on public welfare, mega projects and development of Islamabad. Moreover, the auction of commercial plots would help enhance business opportunities in the city on one hand, while it would also help generate more employment opportunities on the other. The CDA is focusing on business-friendly policies so that equal investment opportunities could be ensured. Islamabad, being the most secured and beautiful city of the country, is ideal for business activities and investments.