Key Takeaways
- The Capital Development Authority (CDA) sold four commercial plots for Rs. 13.8 billion in a single day.
- Plot No. 18 in Blue Area fetched the highest bid of Rs. 9.13465 billion.
- Proceeds from the auction will be used for infrastructure development and resolving water supply challenges.
The Capital Development Authority (CDA) has generated a significant sum of Rs. 13.80687 billion from the sale of four commercial plots on the first day of its three-day open auction in Islamabad.
According to the CDA, Plot No. 18 in Blue Area attracted the highest bid at Rs. 9.13465 billion, followed by Plot No. C-1 in Blue Area for Rs. 3.51332 billion.
Other successful bids included Plot No. 2 in G-1, I-9 Markaz, which fetched Rs. 529.575 million, and Plot No. 2 in G-6 I&T, Aabpara Market, sold for Rs. 629.32 million.
The auction, held at the Jinnah Convention Centre, will continue until August 6, providing investors and businesses with opportunities to bid on commercial properties across Islamabad.
CDA is offering a 5 percent discount for payments made in US dollars and an additional 5 percent discount for full payment within 30 days of bid approval. Successful bidders can apply for building plan approval after paying 25 percent of the bid amount, with possession handed over after 75 percent payment.
The proceeds from this auction will be utilized for infrastructure development, completion of ongoing projects, improvement of civic services, and addressing key issues such as water supply challenges in Islamabad.
Chairman of the CDA Auction Committee stated that the authority remains focused on completing development projects across the capital on a timely basis. The three-day auction features commercial plots across various locations including commercial centres, E-11 Northern Strip, agro farms, petrol stations, and constructed shops at the Blue Area Parking Plaza.
All bids will undergo detailed scrutiny before being submitted to the CDA Board for final approval.
