Bidding of plots good for economic development: CDA

[Salman]

Islamabad: Chairman Capital Development Authority (CDA), Syed Tahir Shahbaz has said that the successful bidding of residential and commercial plots in the developed sectors of the federal capital would further promote economic and development activities in the city.

He said this on the conclusion of two-day auction at Jinnah Convention Centre on Tuesday.

Chairman CDA lauded the performance of auction committee for conducting auction of plots in a transparent manner.

The committee headed by Azhar Ali Chaudhry, Member Finance and comprising of Syed Mustafain Kazmi, Member Planning and Design, Shaista Sohail, Member Estate, Deputy Director General Finance, Director Estate Management-I, Director Estate Management-II and Director Public Relations as its members has efficiently supervised the bidding process.

The authority, on the second day, presented seven numbers of commercial plots for bidding including three plots in Blue Area, one in Markaz D-12, two in Markaz E-12 and one plot in Markaz I-12. Blue Area plot received the highest bid of Rs.483,000 per square yard. The commercial plots offered for auction would fetch around Rs.2463.160 million.

CDA is likely to get around Rs.3239.466 million from the auction of both the residential and commercial plots.

On the day first, CDA offered 38 residential plots of different sizes situated in Sector G-10, G-11 and D-12. CDA got Rs.776.306 million from auction of the residential plots.

The plots were offered during the two-day auction and bids received would be presented before the CDA board which is the final authority to accept or reject the offers.