Daily Times

ISLAMABAD: The capital Development Authority (CDA) successfully sold out its 22 commercial plots in the precious locations of the Federal Capital. The authority earned more than Rs.4.6 billion from the two-day auction.

An 11-member auction committee headed by Member Finance / Member Planning and Design supervised the auction process. Member Environment, Deputy Director General Land and Estate, Deputy Director General Finance, Deputy Director General Law, Director Public Relations, Director Estate Management-II, Director Urban Planning, and Director Regional Planning were the members of the committee.

On the second day 11 commercial plots of different sizes in the developed sectors were auctioned at a record price and fetched Rs.2.4 billion, whereas the Authority also received bids against 11 commercial plots located in the centres of various developed sectors of the capital city worth around Rs. 2.2 billion on Tuesday.

According to the details of the auction, the commercial plot No. 5-A, Class-III Shopping Centre of Sector D-12/1 measuring 133.33 square yards was auctioned at the price 3,70,000/- per square yard, while Class-III Shopping Centre plots No. 5-B, 8K and 8-L with the same measurement were auctioned at the prices of Rs.3,74,000/, 3,46,000/-and 360,000/- per square yard respectively.

Plot No. 12 & 13 of Markaz F-11 measuring 888.88 square yards, wereauctioned at the price of Rs.7,30,000/- and Rs.7,28,000/- respectively. Plot No.11, Markaz I-8, measuring 1244.44 square yards were auctioned at Rs.369,000/- per square yard.

Similarly, Class-III Shopping center plots No.5G and 5H each measuring 133.33 square yards of Sector G-11/3 (Bazaar No 10) were auctioned at Rs. 446,000/- and 405,000/- per square yards. Plot No. 3J measuring 1066.66 square yards of Markaz I-12 was auctioned at Rs. 145,000/- per square yard, while plot No.18 of Markaz I-16,

measuring 1351.11 square yards fetched the bid of Rs. 146,000/-

The auction committee will place its recommendations before the CDA Board which is the competent forum to approve or reject the bids. The Chairman CDA while appreciating the auction committee for conducting a successful auction said that a resonant response from the investors particularly from the business community was an expression of trust in the policies of the Authority. He said that auction of commercial plot which will bring a wave of business activities in the federal capital

This would not only generate more employment opportunities but would also help flourish the business momentum in the city. He said that income generated from the auction would be spent on the development of the city and new development ventures would be started to facilitate the residents of the federal capital.

The Chairman CDA, further said that Islamabad was expanding day by day and the CDA being the custodian of the city was committed to provide better business and residential opportunities to its residents.

Member Finance and Chairman of the auction committee Waseem Ahmed Khan thanked the participants for participating in the auction.

A large number of investors enthusiastically participated in the auction process and offered a record price for commercial plots which showed their confidence in the transparency of the procedures and the Authority’s commitment towards the deliverance of services.