ISLAMABAD: The Capital Development Authority (CDA) on Thursday concluded the three-day auction of commercial plots during which 22 plots worth more than Rs7.48 billion were sold.
The auction was held at Jinnah Convention where industrial and commercial plots, apartments and petrol pumps were auctioned. The business community presented bids enthusiastically and appreciated the transparency of the auction.
On the third day of the auction, Kahuta Triangle Industrial Plot No 239 (3333.33 square yards) was auctioned for Rs21,000 per square yard, Plot No 11-A of Diplomatic Enclave of Apartments (4,000 square yards) was auctioned for Rs200,000 per square yard and Plot No 2-E Class-III Shopping Centre Sector I-14/4 (133.33 square yards) was auctioned at Rs220,000 per square yard.
It is worth mentioning that in order to plug the gap in revenue and in search for alternate solutions to bring in money, CDA has been selling commercial properties in markets of the main sectors, including Blue Area, for the past decade.
Five months ago, CDA concluded its landmark three-day auction at Jinnah Convention Centre. CDA officials said that they had achieved their target and had auctioned off plots worth over Rs7.10 billion.
An 11-member committee, headed by CDA Member finance Dr Fahad Aziz supervised the auction proceedings.
The results of the auction will be presented before the CDA Board for approval.