Plot auction: CDA gets bids totalling Rs4.6 billion

CDA chairman said auction of commercial plots will bring a wave of business activities in the federal capital

ISLAMABAD:

Collectively, the capital’s civic agency has received bids worth Rs4.6 billion approximately at the end of a two-day commercial land auction, which concluded on Wednesday.

These bids were received against 22 commercial plots in different sectors.

On Wednesday, 11 plots of various sizes in developed sectors were presented for auction, with bids amounting to Rs2.4 billion offered.

On first day of the auction, the Capital Development Authority (CDA) fetched bids worth Rs2.2 billion against 11 commercial plots.

The auction committee, headed by the CDA Member Planning and Design Waseem Ahmad Khan, presided over the auction proceedings. The committee will submit results with the CDA board, which is final authority to accept or reject bids offered during the auction.

Highest bid of Rs649 million (Rs730,000 per square yard) was offered against a commercial plot located in F-11 Markaz. While, a plot located next to it received second highest bid of Rs647 million (Rs728,000 per square yard).

Other plots, offered on Wednesday, are located in sectors I-8, D-12/1, I-12 and I-16.

The city managers have claimed the response as resounding, saying that it depicts investors’ trust in business opportunity provided by the authority in the federal capital.

A statement issued by the authority has quoted the CDA chairman as saying, “auction of commercial plots will bring a wave of business activities in the federal capital which will not only generate more employment opportunities but also help flourish business momentum in the city.”

The CDA has announced that income generated from the auction will be spent on development schemes.

Published in The Express Tribune, April 28^th, 2016.