Capital Development Authority Auctions 8 Commercial Plots Worth Rs2.815bln

Capital Development Authority (CDA) successfully auctioned eight commercial plots worth of Rs2.815 billion (approximately) on Wednesday

ISLAMABAD, (UrduPoint / Pakistan Point News - 23rd Oct, 2019 ) :Capital Development Authority (CDA) successfully auctioned eight commercial plots worth of Rs2.815 billion (approximately) on Wednesday.

The plots were auctioned on Second day of three-day auction organized by CDA here at Jinnah Convention Centre. The auction will continue till 24th October, a press release said.

The auction witnessed impressive gathering of investors and general public with enthusiastic participation. 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. The auction of residential and commercial plots fetched Rs.3.512 billion.

It was conducted in a transparent manner 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.

During the first day of auction of commercial plots, plot No. 40-B of Markaz G-9, measuring 733.33 square yards (s.q) received bid Rs.500,000 per square yard while plot No.31-B of Markaz G-9, measuring 205.

55 s.q received bid Rs. 1,170,000 per square yard, plot No. 23-B, Markaz G-10 measuring 333.33 s.q received bid Rs. 1.050,000 per square yard, plot No.13, Markaz D-12, measuring 711.11 s.q received bid Rs.530,000 per square yard and plot No.13-A, Markaz D-12, measuring 711.11 s.q received bid Rs.480,000 per square yard while plot No.27 of Markaz I-8, measuring 1111.11 sq/ yards was bid out at Rs.805,000. Similarly, plot No.10, for Timber in Sector F-11/2 measuring 1066.66 s.q received bid Rs.122,000 per square yard, plot No.32, Park Enclave, measuring 266.66 s.q received bid Rs.431,000 per square 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 board is the competent authority to accord final approval to the recommendations after the conclusion of auction process.

Auction of commercial plots will continue on Thursday.