ISLAMABAD: The Capital Development Authority (CDA) has got resounding response on the first day of auction of commercial plots in Islamabad.
The authority has received bids against seven commercial plots located in various developed sectors of Islamabad worth Rs 4.07 billion on Tuesday.
An 11 member Auction Committee headed by financial adviser is supervising the auction process as chairman of the committee. Planning & Design member, estate member, General Law deputy director, Public Relations director, financial adviser deputy, Estate Management director, Regional Planning director, Housing Societies director, Urban Planning director, Costing deputy director and CDA are the members of the committee.
The first day of the auction process was attended by a large number of people who enthusiastically participated in the auction process to get their favourite plots.
On the first day of three day auction, Plot 19, I-9 Markaz amounting to Rs 227,000 per square yard which amounted to Rs 81,720,000, Plot 9-A, Sector I-10 Markaz Rs 527,000 per square yards of which total is Rs 304,484,790, Plot 9-B, I-10 Markaz auctioned at Rs 491,000 per square yard which total amount is Rs 283,685,070, Plot 57-A, Blue Area/F-6 amounting to Rs 925,000 per square yard which total is Rs 2,631,107,000 were auctioned. Similarly, Plot 63-C, Blue Area/F-7 amounting to Rs 291,000 per square yard which total is Rs 49,933,010 for filling station, Industrial Plot42-C, Sector I-9/2 amounting to Rs 91,000 per sq yard which total is Rs 100,635,080 and Industrial Plot 21, Sector I-10/3 amounting to Rs 92,000 per square yard which total is Rs 173,776,960 were auctioned.
Although on Tuesday, seven commercial plots were auctioned after multiple bids, which show a better response given by the participants who attended this auction but more enthusiasm is expected in the remaining days of auction.
The Auction Committee will submit its recommendations to the CDA Board, which is the competent authority to accord final approval to the recommendations.
Published in Daily Times, September 3rd 2018.