Auction of residential plots fetches Rs1.25bn

Dawn

ISLAMABAD: The Capital Development Authority (CDA) has fetched Rs1.25 billion from the auction of residential plots. During the first two days, 31 out of 38 residential plots were auctioned.

Auction of commercial plots in different developed sectors of Islamabad will be held on April 10 and 11.

During the second day of auction, six residential plots were auctioned for Rs230 million while on the first day of auction of residential plots 25 residential plots were sold out for Rs1.02 billion.

According to an official statement, the auction received a very favourable response from public at large.

The auction proceedings were supervised by the auction committee headed by the member finance of the authority.

During the auction of residential plots 82pc of the total plots were bid out which is 40-45pc higher than the previous auction’s results.

The enthusiastic response from investors is the outcome of investor friendly policies of present CDA management.

During the second day of auction of residential plots No 311, Street No17 of Sector D-12/3 measuring 500 square yards received Rs76,000 per square yard bid, plot No. 312, Street No 17, Sector D-12/1 measuring 500 sq yard received bid Rs75,000 per square yard, plot No.26, Street No 25, Sector G-10/2 measuring 444.44 s.q feet received Rs83,000 per square yard bid, plot No 27, Street No 25, Sector G-10/2 measuring 444.44 sq yard received Rs82,000 per square yard bid, plot No.28, Street No.25, Sector G-10/2, measuring 444.44 s.q received bid Rs.84,000 per square yard, plot No.183-D, Street No.21, Sector F-11/2 measuring 400 received bid Rs110,000 per square yard, and were auctioned.

The committee will submit its recommendations to the CDA Board.

The CDA Board is the competent authority to accord final approval to the recommendations after the conclusion of auction process.

Comments are closed.