CDA’s auction: Rs7.96 billion bids accepted for commercial plots in Islamabad

ISLAMABAD: The Capital Development Authority (CDA) achieved a significant milestone on the inaugural day of its three-day auction, securing the highest offers of Rs7.96 billion for four prime commercial plots this Wednesday.

The auction committee, under the auspices of CDA, presented a diverse array of eleven commercial plots across various locations.

Out of these offerings, four plots garnered substantial attention, including two in Markaz I-8 and one each in Blue Area and I-14 Markaz.

As the first day’s proceedings drew to a close, the auction committee accomplished a notable feat by securing the highest bid of Rs4.53 billion for plot number 9 in Sector G-8, Blue Area.

This expansive plot, measuring 2666.66 square yards, commanded an impressive bid of Rs1.7 million per square yard.

Additionally, a plot spanning 800 square yards in I-8 Markaz received the highest bid of Rs1.825 million, ultimately fetching a total of Rs1.46 billion.

Another significant transaction involved a plot measuring 666.66 square yards in I-8 Markaz, which was auctioned at the rate of Rs1.725 million per square yard, totaling Rs1.49 billion.

In I-14 Markaz, a commercial plot measuring 533.33 square yards found a new owner at the rate of Rs1.22 million per square yard, culminating in a total transaction value of Rs0.653 billion.

Looking ahead, the CDA plans to offer an additional 24 commercial plots at lucrative locations over the next two days.

The first day of the auction witnessed the CDA achieve remarkable success, securing the highest bids amounting to Rs8 billion.

However, there is a prevailing impression that investor offers might have been more substantial had the auction been organised after the February 2008 elections.

The subsequent days of the auction are anticipated to maintain the momentum, offering further opportunities for lucrative acquisitions in the capital city’s prime locations.

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