Auctioning commercial plots: CDA received bids worth Rs6b
A group of real estate investors had earlier announced to boycott the auction proceedings
ISLAMABAD:
Despite opposition from city’s key real estate investors, the CDA received an overwhelming response after it fetched bids worth Rs 5.3 billion against 14 commercial plots. Collectively, the CDA received bids worth Rs6 billion from the two-day land auction that concluded here on Thursday. A group of real estate investors had earlier announced to boycott the auction proceedings alleging the CDA sales valuable plots to investors but later deliberately created hurdles in the execution of projects. The CDA offered for auction some 14 commercial plots of different sizes located in the developed sectors, Industrial Area, Markiz and Blue Area. Highest bid of Rs721,000 per square yard was received against plot number C-2 of Blue Area measuring 1333.33 square yards.
Published in The Express Tribune, April 24th, 2015.
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