CDA earns Rs3.2b from two-day auction of plots

[Salman]

Islamabad



Though the Capital Development Authority (CDA) managed to earn Rs2.463 billion from auction of commercial plots, but the same enthusiasm was not witnessed on Tuesday the second day of open auction as was seen on the first day.



The CDA would receive a total of Rs3.23 billion from two-day auction of commercial and residential plots.



“The successful bidding of residential and commercial plots in the developed sectors of federal capital would further promote the economic and development activities in the city,” said CDA Chairman Syed Tahir Shahbaz while commenting on the outcome of open auction.



The civic body could have been richer through auction had it succeeded in auctioning a 3.75-acre plot meant for a five-star hotel in Sector F-5/1. The plot could not be offered for auction by the CDA after receiving stay orders from the high court.



The civic body succeeded in selling out three out of four commercial plots in Blue Area in front of F-9 Park fetching a total of Rs1.862 billion. The three plots were auctioned for Rs643 million (Rs482,000 per square yard), Rs649 million (Rs483,000 per square yard) and Rs526 million (Rs392,000 per square yard).



The auction of two commercial plots in Sector E-12 where the authority is yet to start development activity, received encouraging response.



The two plots measuring 1,600 square yards each got highest bids of Rs144 million (Rs90,000 per square yard) and Rs176 million (Rs110,000 per square yard) respectively.



None of the four flats of luxury apartments and seven commercial plots in the Super Market of Sector I-12 could attract any buyer. A plot in Markaz D-12, measuring 1,600 square yards, received the highest bid of Rs174,000 per square yard and was auctioned for Rs278 million.