Capital Development Authority fetches Rs6 billion from auction of residential and commercial plots

Islamabad, April 23, 2015 (PPI-OT): Capital Development Authority’s (CDA) fetched Rs. 6.00 billion approximately from its two-day auction of residential and commercial plots as a large Two day number of investors enthusiastically participated in the auction process and offered record prices of residential and commercial plots which show their confidence in transparency of the procedures and Authority’s commitment towards deliverance of services.

A ten member auction committee headed by Member Finance, Arbab Sher Bahadar supervised the auction process. Member Planning and Design, Waseem Ahmed Khan, Director General Land and Estate, Deputy Financial Advisor, Deputy Director General Law, Director Public Relations, , Director Estate Management –I, Director Urban Planning, Director Estate Management-II and Director One Window Operations are the members of the committee.

On the second day, 14 commercial plots of different sizes in the developed sectors, Industrial Area, Markiz and Blue Area were auctioned at the record prices and fetched Rs. 5264million.

Commercial plot no. 2 of markaz F-11 measuring 1500 square yards was auctioned at the price 79,000/- per square yard, while plot No. 2-A and 11 of Markaz F-11 measuring 1666.67 and 888.88 square yards were auctioned at the prices of Rs.251,000/ and 492,000/- per square yard.

Similarly plot no. C-2 of Blue Area measuring 1333.33 square yards received the bid of Rs. 721,000/ per square yard, plot no. C-3 of Blue Area measuring 1333.33 square yards, was auctioned at the price of Rs. 705,000/-. Plot No. C-25 of Markaz G-10 measuring 416.66 square yards was auctioned at the price of Rs. 246,000/- per square yard.

Similarly, plot no 29 and 30 of Markaz G-11 each measuring 711.11 square yards were auctioned at prices of Rs. 356,000/- and 404,000/- respectively, while plot no. 18 of markaz G-11 measuring 4100 square yards was auctioned at the price of Rs. 115,000/- per square yard.

Plot no 16 measuring 1066.00 square yards of Markaz I-8 received the bid of Rs. 311,000/- per square yard while plot no 2-B of I-9 Markaz measuring 415.25 square yards was offered a bid of Rs. 210,000/- per square yard. Plot No. 10 of sector I -11/4 measuring 4363.33 square yards was auctioned at the price of Rs. 36,000/- per square yard. Plot no. 4 and 6 of I J Principal Road each measuring 222 square yards were auctioned at the prices of Rs. 115,000/- and 120,000/-per square yard.

The auction committee will place its recommendations before CDA Board which is competent forum to approve or reject the bids. Chairman CDA while appreciating the auction committee for conducting a successful auction said that the first auction of year 2015 received a resonant response from the investors particularly the business community which is expression of trust in the policies of the Authority.

He said that auction of commercial plot will bring a wave of business activities in the federal capital which would not only generate more employment opportunities but will also help flourish business momentum in the city. He said that income generated from the auction would be spent on the development of the city and new development ventures will be started to facilitate the residents of federal capital. Chairman CDA, further said that Islamabad is expanding day by day and CDA being the custodian of the city is committed to provide better business and residential opportunities to its residents.

For more information, contact:
Public Relations Directorate
Capital Development Authority (CDA)
Main Office, G-7/4, Islamabad
Tel: +92-51-9252614
Email: getreply@cda.gov.pk
Website: www.cda.gov.pk

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