ISLAMABAD-The Capital Development Authority (CDA) has fetched Rs17 billion by auctioning 12 plots in Blue Area in its three-day auction.  

Auction of Blue Area commercial plots by CDA concluded at Jinnah Convention Centre on Friday that was started on 15th July.

Collectively, the auction committee of CDA received bids for 15 plots amounting to Rs20.3 billion. The auction committee, however, considered bids for 12 plots amounting to Rs17 billion only. 

On third day of the auction, the auction committee considered the bids for four plots amounting to Rs4.26 billion. On second day of auction proceedings, the auction committee received bids of four plots amounting to Rs5.54 billion. Earlier, on first day, the auction committee received auction bids for four plots amounting to Rs7.25 billion. Largest plot presented for auction was 7,000 square yards and highest bid Rs1.5 million per square yard was received. Furthermore, 50% inventory has been sold.

The auction was held in the backdrop of Prime Minister’s package for construction industry. The auction proved to be a major success for the government and CDA as it attracted a large number of investors who made this auction a historic one and put seal on business and investment friendly policies of the government and CDA.

According to a press release issued on Friday by CDA, the Chairman CDA has thanked the investors for their participation in the auction proceedings and reposing their confidence in the government and CDA policies.