CDA auctions residential, commercial plots worth over Rs17bn

ISLAMABAD: The Capital Development Authority (CDA) auctioned residential and commercial plots worth more than Rs17 billion in the federal capital over three days of bidding.

Investors from across the country participated on the final day of the auction as well.

CDA Chairman Muhammad Ali Randhawa reviewed the auction proceedings on the last day.

He said that the enthusiastic participation of investors reflects complete confidence in CDA’s policies, adding that winning investors’ trust is among the authority’s top priorities.

During the three-day auction process, plots of various categories were sold for a total of Rs17.002 billion.

On the last day of the auction, plot No-514 in Sector G-10/2 was sold for Rs93.33 million, plot No-516 for Rs92.62 million and plot No-517 for Rs100.44 million.

Similarly, in Sector G-10/2, plot No-526 fetched Rs93.33 million, while plot No-531 was sold for Rs94.04 million. Plot Nos-547, 548 and 556 in the same sector were auctioned for Rs91.90 million each.

In addition, along Murree Road in the Orchard Scheme, plot No-9 was auctioned for Rs712 million, while plot No-A-9 of the same scheme was sold for Rs732 million.

Overall, plots of 10 different categories were sold for Rs2.193 billion on the final day of the auction.

Thanking all investors who participated, the CDA chairman said that the revenue generated from the auction will be spent on providing better facilities to all citizens, including the investors themselves.

He said that investors and CDA are working as partners in the development of the city, and improvements in the authority will continue in light of suggestions from the business community and investors.

CDA Member Finance Tahir Naeem and the auction committee supervised the entire process to ensure transparency and a competitive environment.

The CDA chairman appreciated the committee for conducting a successful and transparent auction.

The CDA chairman further directed that investor-friendly concessions and facilities be provided to those participating in the auction.

The received bids will be thoroughly scrutinised before being placed before the CDA Board, which is the competent forum to approve or reject them.