Daily Times

Following the auction of commercial plots in Islamabad on the second day of the grand auction of commercial plots, the Capital Development Authority (CDA) received a positive response from the business community interested in commercial plots.

Following the three days auction presentations on the second day, CDA fetched approximately Rs 2.50 billion. This way, during the first two days of the three-day auction, CDA fetched Rs 6.58 billion in total. On the second day of the grand auction, CDA auctioned 12 commercial plots for bidding.

According to details, Orchard Plot 52, measuring 23.52 kanal located in Orchard Scheme Murree Road was auctioned at the rate of Rs 8,300,000 per kanal while Industrial Plot 5-K, measuring 3166.66 square yards of Sector I-10/3 received bid amounting to Rs 78,000 per square yard, Industrial Plot 22, Sector I-10/3 measuring 1,888.88 square yard was auctioned at the rate of Rs 83,000 per square yard. Similarly, two plots of Auto Mobile 1, Sector I-10/3, measuring 111.11 square yard was auctioned at the rate of Rs 350,000 per square yard and plot 2, Sector I-10/3, measuring size 111.11 square yard was bid out at Rs 330,000 per square yard.

Diplomatic Enclave Markaz, plot 17-G measuring size 416.66 square yard was bid out at Rs 670,000 per square yards, Plot 28, G-11 Markaz measuring 711.11 square yard was bid out at Rs 570,000 per square yard, Plot 19-A, I-9 Markaz, measuring size 360 square yard was auction Rs 222,000.

Therefore, plot 25-A, G-11/1, measuring size 4,500 square yard was auctioned at Rs 132,000 per square yard, plot 5-L, sector I-10/3 measuring size 3,166.66 was auctioned at the rate of Rs 85,000 per square yard. Plot 5-J, Sector G-11/3, measuring size 133.33 was bid out at Rs 500,000 per square yard and plot 4-M, sector H-8/2 measuring size 266.66 sqyd was bid out at Rs 520,000 per square yard.

On Wednesday, 12 commercial plots were auctioned after multiple bids, which show a better response given by the participants who attended this auction but it is expected that more enthusiasm will be increased in the last day of auction.

An 11-member committee headed by CDA Finance Member Dr Fahad Aziz supervised the auction proceedings. Estate member, Planning & Design member, Law director general, Public Relations director, financial adviser director, Housing Societies director, Estate Management director and finance deputy director of CDA were the members of the committee.

The auction committee would submit its recommendations to the CDA Board, which is the final authority for approval of these auctions.

The auction of commercial plots will be concluded on October 4, 2018.

Published in Daily Times, October 4^th 2018.