CDA fetches Rs3.5 billion from plots auction

Islamabad :The Capital Development Authority (CDA) auctioned eight commercial plots worth of Rs2.815 billion on the second day of three-day auction on Wednesday.

The two-day auction of residential and commercial plots fetched Rs3.512 billion, the spokesman of CDA said.

He said the auction witnessed impressive gathering of investors and public with enthusiastic participation adding the enthusiastic response from investors is the outcome of investor friendly policies of present CDA management. "CDA has thanked the successful bidders for trusting in the policies of the authority," he said.

The auction was conducted in transparent manners and proceedings were supervised by a high level Auction committee headed by Member Estate. The participants and observers appreciated the auction arrangements made by the CDA and efficient, open and transparent auction process.

On the second day of auction of commercial plots, plot no. 40-B of Markaz G-9, measuring 733.33 square yards received bid Rs500,000 per sq yards, while plot no. 31-B of Markaz G-9, measuring 205.55 sq yards received bid Rs1,170,000 per sq yard, plot no. 23-B, Markaz G-10 measuring 333.33 sq yards received bid Rs1.050,000 per square yard, plot no. 13, Markaz D-12, measuring 711.11 sq yards received bid Rs530,000 per sq yard and plot no. 13-A, Markaz D-12, measuring 711.11 sq received bid Rs480,000 per sq yard while plot no. 27 of Markaz I-8, measuring 1,111.11 sq yards was bid out at Rs805,000. Similarly, plot no. 10, for timber in Sector F-11/2 measuring 1,066.66 sq yards received bid Rs122,000 per sq yard, plot no. 32, Park Enclave, measuring 266.66 sq yards received bid Rs431,000 per sq yard.

The income generated from the auction of plots will be spent on development of various sectors of Islamabad. The successful auction of a large number of plots at much higher prices on the second day of the auction process is the also expression of trust by the citizens in policies of authority. CDA has thanked the successful bidders for their participation.

The committee will submit its recommendations to the CDA Board. The CDA Board is the competent authority to accord final approval to the recommendations after the conclusion of auction process.