Islamabad - Capital Development Authority (CDA) on Tuesday successfully auctioned eight commercial plots of worth Rs 3.75 billion.

The plots were auctioned on first day of the two-day auction held by CDA at Jinnah Convention Centre in Islamabad.

The auction will continue on Wednesday (today) as well. Commercial plots from I-8 Markaz, Diplomatic Enclave, G-11 and D-12 were auctioned on the first day. According to the details, plot no 8 in I-8 Markaz (commercial)was auctioned at the rate of Rs 398,000 per square yard; plot no 4 in I-8 Markaz (marriage hall) was auctioned at the rate of Rs 120,000 per square yard; plot no 4(a) in G-5 Markaz (Commercial) was auctioned at the rate of Rs 570,000 per square yard; plot no 14c in G-5 Markaz (apartments) was auctioned at the rate of Rs 423,000 per square yard; plot no 11 in sector G-11/3 (economy flats) was auctioned at the rate of Rs 123,000 per square yard; plot no 5(a) in sector G-11/3 (class there shopping centre) was auctioned at the rate of Rs 452,000 per square yard; plot 5(B) in sector G-11/3 (class three shopping centre) was auctioned at the rate of Rs 452,000 per square yard and plot no 2 in sector D-12/4 (class three shopping centre) was auctioned at the rate of Rs 376,000 per square yard.

The auction witnessed impressive gathering of investors with enthusiastic participation. The response from investors is the outcome of investor-friendly policies of the CDA administration, said the CDA officials.

A nine-member committee headed by Member Finance CDA, Dr Fahad Aziz supervised the auction proceedings. Member (Planning), Dy DG (Finance), Dy DG (L&E), Dy DG(Law), Director (UP), Director (RP), Director Public Relations and Director Estate Management-II of CDA are the members of the committee.

Mayor Islamabad and Chairman CDA, Sheikh Anser Aziz while expressing his pleasure over what he termed transparent and successful auction of commercial plots on the first day of the auction process said that new CDA Administration has managed to fetch investors earlier interested in other private housing societies. “In future, with our consistent investor-friendly policies, CDA will get even better response,” he added.

The ongoing auction is decidedly successful in comparison with previous auctions which failed to attract investors.

Sheikh Anser Aziz further said that the income from the auction of residential plots will be spent on development of various sectors of Islamabad. Particular attention has been paid to the preservation of green areas in the residential sectors to maintain the balance between residential and green areas.

He further said that the successful auction of a large number of plots at much higher prices on the first day of the auction process is the expression of trust by the citizens in Capital Development Authority.

CDA will use all available resources for development of sectors and provision of civic amenities to the residents, he assured.

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.