ISLAMABAD: The Capital Development Authority (CDA) has generated Rs14.809 billion through the auction of residential and commercial plots in Islamabad during the first two days of its ongoing public auction at the Jinnah Convention Centre.
The auction process, which entered its second day on Tuesday, is being supervised by Chairman of the Auction Committee and Member Finance Tahir Naeem, along with other members of the committee.
According to official details, plots worth Rs1.28 billion were auctioned on the second day. Plot No. 12 located in Sector D-12 Markaz fetched Rs1.04 billion, while Plot No. 284-A in Sector F-10/3 was sold for Rs24.60 crore.
On the first day of the auction, two prime commercial plots in the Blue Area (F-8/G-8) attracted high bids. Plot No. 15 was auctioned for Rs3.52 billion, while Plot No. 17 fetched Rs9.15 billion. Additionally, Plot No. 37-C in the Orchards Scheme on Murree Road was sold for Rs42.20 crore, and Plot No. 37-D in the same scheme was auctioned for Rs42 crore.
The auction of residential and commercial plots will continue until December 24 at the Jinnah Convention Centre, with plots of various categories being offered to investors.
To encourage participation, the CDA has introduced several investor-friendly incentives. An additional five percent discount is being offered on commercial plots for payments made in US dollars, while a similar discount is available for lump-sum payments made within 30 days of bid approval. Bidders can obtain building plan approval after an initial 25 percent payment, whereas possession of the plot will be granted upon payment of 75 percent of the total amount.
All received bids will be presented before the CDA Board for final scrutiny and approval, which holds the authority to accept or reject bids.
Chairman CDA Muhammad Ali Randhawa stated that the revenue generated through the auction would be utilized for the construction, development, and beautification of Islamabad, aimed at improving urban infrastructure and civic facilities in the federal capital.
