Capital raises Rs11b in plot auctions

ISLAMABAD:

The Capital Development Authority (CDA) received a strong investor response during the first day of its commercial plot auction, selling five plots for approximately Rs11 billion.

According to the authority's spokesman, CDA Chairman Muhammad Ali Randhawa expressed his satisfaction and stated that investors' active participation in the CDA's auction reflects their confidence in the authority's policies.

On the first day of the auction, Plot No. 13- G at F-8 Markaz was auctioned for Rs1.22 billion, and Plot No. 16-D at F-8 Markaz for Rs1.24 billion. Similarly, Plot No. 4-D at G-8 Markaz was auctioned for Rs598.3 million, while Plot No. 10 at Blue Area G-8 was auctioned for Rs5.35 billion. Additionally, Plot No. I-B in I-8 Centre fetched Rs2.5 billion, resulting in a total of Rs11 billion from the sale of five plots on the first day of the auction.

The auction features various categories of commercial plots located in developed commercial centres and Marakazs across Islamabad. These include plots for motels, apartments, and Class III shopping centres, offering lucrative investment opportunities.

The auction is being supervised by a committee led by CDA Member Finance, Tahir Naeem, and the Secretary of the Committee, Director, Estate Management-II Tabinda Tariq.