Islamabad - The two-day auction of residential and commercial plots by Capital Development Authority (CDA) fetched Rs 6 billion approximately, as a large number of investors enthusiastically participated in the auction process and offered record prices of residential and commercial plots.

According to a statement released by CDA, a large number of participation of investors in the process shows their confidence in transparency of the procedures and authority’s commitment towards deliverance of services. According to CDA, a ten-member auction committee headed by Member Finance CDA Arbab Sher Bahadar supervised the auction process. On the second day, 14 commercial plots of different sizes in the developed sectors, Industrial Area, Marakiz and Blue Area were auctioned at the record prices and they fetched Rs 5,264 million.

The chairman CDA while appreciating the auction committee for conducting a successful auction said that the first auction of year 2015 received a resonant response from the investors, particularly the business community, which is expression of trust in the policies of the CDA. He said that auction of commercial plot will bring a wave of business activities in the federal capital which would not only generate more employment opportunities but will also help flourish business momentum in the city.

He said that income generated from the auction would be spent on the development of the city and new development ventures will be started to facilitate the residents of the federal capital. The chairman CDA further said that Islamabad is expanding day by day and CDA being the custodian of the city is committed to provide better business and residential opportunities to its residents.