ISLAMABAD Dec 22: On the first day of the auction of residential and commercial plots organized by the Capital Development Authority (CDA) here on Monday, plots worth a total of Rs 13.52 billion were successfully auctioned.
On the directions of CDA Chairman and Chief Commissioner Islamabad Muhammad Ali Randhawa, the auction process is being supervised by Member Finance Tahir Naeem and a specially constituted auction committee headed by him.
Speaking on the occasion, CDA Chairman Muhammad Ali Randhawa said that the enthusiastic participation of investors in the auction reflects their complete confidence in CDA’s policies. He added that earning and maintaining investors’ trust in Islamabad remains one of CDA’s top priorities.
According to details, on the first day of the auction, Plot No. 15 in Blue Area (F-8/G-8) was auctioned for Rs 3.52 billion, while Plot No. 17 in Blue Area (F-8/G-8) fetched Rs 9.15 billion.
Similarly, Plot No. C-37 in the Orchard Scheme, Murree Road, was auctioned for Rs 422 million, and Plot No. D-37 of the same scheme was auctioned for Rs 420 million. In total, four plots were auctioned on the first day, generating Rs 13.52 billion.
The three-day auction of residential and commercial plots will continue until December 24 at the Jinnah Convention Centre. Various categories of residential and commercial plots are being offered for investment, including plots in different centers, E-11 Northern Strip, Agro Farms, and petrol pump plots. Constructed shops in Blue Area and residential plots in different sectors are also part of the auction.
Under CDA’s investor-friendly initiatives, several incentives and facilities have been offered to encourage participation. These include an additional 5% rebate on commercial plots if payment is made in US dollars, a 5% discount on lump-sum payment within 30 days of bid approval, approval of building plans after the initial 25% payment, and possession of plots upon 75% payment.
All received bids will be thoroughly scrutinized and then presented before the CDA Board, which is the competent authority to approve or reject the bids.
Chairman CDA Muhammad Ali Randhawa stated that the revenue generated from the auction of residential and commercial plots will be utilized for the development, uplift, and beautification of Islamabad.