CDA to earn Rs1.94b from auction of 43 residential plots

[Salman]

CDA to earn Rs1.94b from auction of 43 residential plots

Islamabad

The Capital Development Authority (CDA) is set to fetch Rs1.94 billion from auction of 43 residential plots located in different sectors of the federal capital.

The civic body completed auction of 43 plots in two days on Thursday instead of three days which shows tremendous response from investors in residential plots of Islamabad.

An eight-member committee, headed by Member Environment Syed Mustafain Kazmi, auctioned 23 residential plots located in Sector G-10/2 of Islamabad worth Rs600 million on the second day of auction on Thursday hence bringing a three-day auction process to a close on the second day.

The CDA had offered a total of 43 residential plots for three-day auction but all plots were auctioned in two days. The Capital Development Authority earned Rs1946.53 million (Rs1.94 billion).

The committee will forward its recommendations regarding the auctioned plots to the CDA Board. The CDA Board is the competent authority to accord final approval to the recommendations.

The residential plot numbers 546 and 547 measuring 355.55 square yards each located in Sector G-10/2 were auctioned at the rate of Rs82,000 per square yard each secured the highest bidding on the second day.

The prices of other plots of the same size in Sector G-10/2 varied between Rs70,000 per square yard to Rs81,000 per square yard.

Sources in the CDA said the auctioned plots were being misused or lying vacant. “The civic body will use this amount to improve delivery of service to the residents of Islamabad,” a senior official of the authority said.

Meanwhile, CDA Chairman Maroof Afzal expressed satisfaction over bidding of residential plots.