The Capital Development Authority (CDA) has fetched Rs 1,254 million from the auction of residential plots. During the first two days, 31 out of 38 residential plots were auctioned. Auction of commercial plots in different developed sectors of Islamabad will be held today (Wednesday) and Thursday.
During the second day of auction, six residential plots were auctioned at Rs 230 million while on the first day of auction, 25 residential plots were sold out for Rs 1,024 million.
Auction was managed and conducted in a well-organised, open and transparent manner and received a very favourable response from the public at large. The auction proceedings were supervised by the auction committee headed by the member finance of the authority.
The auction witnessed impressive gathering of investors and general public with enthusiastic participation. During the auction of residential plots, 82 percent of the total plots were bid out which is 40-45 percent higher than the previous auction's results. The enthusiastic response from the investors is the outcome of investor friendly policies of the present CDA management.
During the second day of auction of residential plots, plot No 311, Street No 17 of sector D-12/3 measuring 500 square yards (sqy) received bid Rs 76,000 per sqy, plot No 312, Street No.17, Sector D-12/1 measuring 500 sqy received bid Rs 75,000/- per sqy, plot No.26, Street No.25, Sector G-10/2 measuring 444.44 sqy received bid Rs 83,000/- per sqy, plot No.27, Street No.25, Sector G-10/2 measuring 444.44 sqy received bid Rs 82,000 per sqy, plot No.28, Street No.25, Sector G-10/2, measuring 444.44 sqy received bid Rs 84,000 per sqy, plot No. 183-D, Street No. 21, Sector F-11/2 measuring 400 sqy received bid Rs 110,000 per sqy, were auctioned.
The committee will submit its recommendations to the CDA board. The CDA board is the competent authority to accord the final approval to the recommendations after the conclusion of the auction process.
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