CDA receives Rs6.5bn on commercial plots auction

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ISLAMABAD: The Capital Development Authority (CDA), on second day of a three-day grand auction of the commercial plots, received a healthy response from the business community.

During the second day, CDA fetched approximately Rs2.50 billion. In this way, during the first two days of the auction, CDA has fetched Rs6.58 billion in total. On first day of auction, civic agency got a resounding response where it received bids against seven commercial plots located in various developed sectors worth Rs.4.07 billion.

On Wednesday, Orchard Plot No52, auctioned at the rate of Rs8,300,000/- per kanal while industrial plot No5K, measuring 3166.66 square yards of Sector I-10/3 received the bid amounting to Rs78,000/- per square yard, industrial plot No22, Sector I-10/3 measuring 1888.88 square yards was auctioned at the rate of Rs83,000/- per square yard.

Similarly, two plots of the auto mobile No1, Sector I-10/3, measuring 111.11 square yards was auctioned at the rate of Rs350,000/- per square yard and plot No2, Sector I-10/3, measuring size 111.11 square yards was bid out at Rs330,000/- per square yard, Diplomatic Enclave Markaz, plot 17-G, measuring size 416.66 square yards was bid out at Rs670,000/- per square yards, Plot No28, G-11 Markaz measuring 711.11 square yards was bid out at Rs570,000/- per square yard, Plot No19-A, I-9 Markaz, measuring size 360 square yards was auction Rs222,000/-.

Therefore, plot No25-A, G-11/1 (apartments), measuring size 4500 square yards was auctioned Rs132,000/- per square yard and other plots were auctioned. On Wednesday, 12 commercial plots are auctioned after multiple bids, which show a better response given by the participants who attended this auction but it is expected more enthusiasm will be increased in the last day of auction.

An 11-member committee headed by CDA’s Finance Member Dr Fahad Aziz supervised the auction proceedings. members of estate and planning & design, law deputy DG, public relation director, deputy financial adviser-II, other directors and deputy director were the members of the committee.

The auction committee would submit its recommendations to the CDA Board, which is the final authority for approval of these auctions. The auction of the commercial plots will be concluded today.