CDA’s four-day auction kick starts

Islamabad:The Capital Development Authority (CDA) on the first day of the four-day auction received bids less than expected yet it accepted the highest offers to the tune of Rs7.743 billion for four commercial plots in located Blue and two Marakaz of Islamabad on Tuesday.

The auction committee headed by Member Estate accepted the highest offer of Rs 4.45 billion for a commercial plot measuring 2666.67 square yards in Blue Area.

Similarly, two commercial plots in I-8 Markaz fetched a total of Rs2.1 billion. According to details, plot 53D received the highest bid of Rs1.09 billion while plot 53F was auctioned for Rs1 billion and forty-two lac.

The sources said that plot number 53D received Rs1.57 billion as highest in the last auction exercise whereas the same was auctioned for Rs1.09 billion on Tuesday. Another plot measuring 711.11 in G-11 Markaz was also auctioned for Rs1.16 billion. The CDA board headed by the chairman is authorized to give final approval to the highest bids which are accepted by the auction committee.

However, the committee deferred the auction of plot D 16 in F-8 Markaz due to the existence of lawyers' chambers and other encroachments there. The civic body during a four-day auction would offer a number of commercial residential and agro farm plots in Islamabad. For the first time, the CDA committee would also attempt to auction plots for hostels.