CDA fetches over Rs37b from two-day auction

Islamabad : The Capital Development Authority (CDA) fetched Rs37.945 billion from auction of 24 commercial plots if different business areas of the federal capital.

Plot no. 22 of Blue Area measuring 7000 square yards received the highest ever offer of Rs8.79 billion. The previous record of over Rs5 billion was held by plot which was auctioned for construction of The Centaurus, over years back.

However, the market price of a plot possessed by owner of The Centaurus could still be higher. On second and last day of auction, the CDA auction committee received offers of Rs17.5 billion for eleven commercial plots. Another plot measuring 2,600 square yards in the Blue Area was auctioned for Rs3.35 billion. A commercial plot in Diplomatic Enclave received the highest offer of Rs423,000 per square yard and the was auctioned for Rs1.64 billion.

The CDA Chairman, Aamir Ali Ahmed who expressed satisfaction over the successful auction said the authority has been successful in achieving the revenue target set from auction of plots at start of the fiscal year. He said the amount received from the auction would be spent on gigantic development activities. The highest bids are subject to acceptance of the CDA board. The auction committee was headed by Member Finance and also comprised of Member Estate, Member Planning and Design and other officials.