CDA raises Rs500m on first day of latest auction

Civic agency auctioned 15 residential plots

ISLAMABAD: Capital Development Authority (CDA) on Tuesday successfully auctioned 15 residential plots worth Rs500 million on the first day of its latest auction.

The auction was held by the CDA at Jinnah Convention Centre in Islamabad. The auction would continue till May 18. The auction saw a large number of enthusiastic investors.

A nine-member committee headed by CDA Member Finance Dr Fahad Aziz supervised the auction proceedings. Member (Planning), Finance Deputy Director General, L&E deputy DG, Law deputy DG, UP director, RP Director, Public Relations director and Estate Management-II Director were the members of the committee. The committee will submit its recommendations to the CDA Board. The CDA Board, which is the competent authority, would accord final approval to the recommendations after the conclusion of the auction process.

Islamabad Mayor and CDA Chairman Sheikh Anser Aziz said that money raised by the auction of residential plots would be used for development of various sectors of the capital. Further, he said that successful auction of plots at higher prices on the first day showed the trust citizens had in the CDA.

CDA will use all available resources for the development of sectors and provision of civic amenities to the residents.

Published in The Express Tribune, May 17^th, 2017.