ISLAMABAD-The Capital Development Authority (CDA) has fetched Rs7.25 billion by selling only four plots out of total 24 on the first day of auction of Blue Area’s commercial plots.

The auction was held at Jinnah Convention Centre Islamabad in the presence of media and it is supervised by a committee.  

The authority got enormous response from investors and received auction bids against seven plots amounting to Rs11.7 billion. However, the auction committee issued acceptance against four plots amounting to Rs7.25 billion.

The remaining plots would be presented again on Thursday in addition to others for higher bids.  

According to details, plot 1 measuring 672.22 square yards received the bid of Rs13,100 per square yard, plot 04 measuring size 2,000 square yards received bid of Rs105,500 per square yard, plot no 08 measuring size 672.22 square yards received bid of Rs1,276,000 per square yard and plot no 09 measuring size 2,500 square yards received bid of Rs1,350,000 per square yard.

Chairman CDA Amir Ali Ahmed expressed his satisfaction over the outcome of the first day of the auction and said we have received more than estimated money through this auction and the surplus funds generated through this auction would be spent on the betterment of this city.

“The purpose behind auction is not just revenue generation but it is in line with Prime Minister’s vision to boost construction industry,” he maintained, adding: “The successful auction would revive the commercial activities that would ultimately generate employment opportunities.”  

According to a press release issued by CDA’s Public Relation Directorate, the auction process on day one witnessed enthusiastic participation by investors which testifies confidence of investors in CDA auction as per vision of the government to promote construction industry for boosting economic and investment opportunities in the country. CDA had selected 24 plots for ongoing auction of Blue Area plots. The auction proceedings which started on Wednesday will continue Thursday and Friday. CDA has constituted a committee consisting of 10 members to conduct the auction.

Member Finance CDA is chairman of the committee while Member Estate, Member P & D, DFA II, DG Law, Director Public Relations, Director Urban Planning, Director Regional Planning, Director EM II and Director Finance are members of the committee. 

Bids received will be presented before CDA Board which is competent forum for acceptance of bids.