CDA bags Rs7.1 billion through auction of plots

  • 29 commercial plots at pristine locations fetch civic agency direly needed revenue 

ISLAMABAD: The smaller plots including Class-III shopping malls and filling stations grabbed the attention of real estate investors during the three-day auction held by Capital Development Authority (CDA) here from March 27 to 29.

The CDA concluded its landmark auction held at Jinnah Convention Centre on Thursday.

According to details, the CDA successfully achieved its target and auctioned 29 plots worth over Rs7.1 billion in the grand auction. The public at large participated and appreciated the well-managed auction process which led to an open, transparent and successful auction.

Small plots got an enthusiastic response while the response towards large plots was lukewarm.

The auction was conducted under the supervision of Auction Committee Chairman Financial Advisor/Member CDA Dr Fahad Haroon Aziz. On the third day, six commercial plots worth over Rs713 million were auctioned.

CDA Chairman Usman Akhtar Bajwa expressed pleasure over the historic auction of commercial plots and said that tireless efforts of Dr Fahad Haroon Aziz for conducting successful and transparent auction were laudable, adding that his efforts fetched investors back to CDA from competitive venues.

The total amount of auctioned commercial plots on the second day of the auction stood at approximately Rs2.76 billion against 12 plots while 11 commercial plots worth over Rs3.63 billion were auctioned on the first day.

The auction of the commercial plots was supervised by an eleven-member committee specially constituted by CDA chairman with Dr Fahad Aziz as its head.

Member Estate Khushal Khan, DyDG (Estate), DyDG (Law), deputy financial advisor-II, director public relations, director (UP), director (RP), estate management-II director and deputy director (finance) of CDA were also the members of the committee.

The results of the auction will be presented before the CDA board for approval as it is the competent authority to approve successful biddings.

The whole auction was conducted in a free, fair and transparent manner as the participants commended the role played by the PR department of the CDA which was assigned the duty to carry out the publicity and advertising of auction.

While talking to Pakistan Today, CDA spokesperson Malik Salim said that the auction was held in a competitive and cordial atmosphere. “This shows that the business community has full confidence in the endeavours of CDA and are willing to invest in projects offered by the civic agency,” he added.