Islamabad:The four-day auction of commercial plots by the Capital Development Authority (CDA) commenced on a strong note, generating Rs 15.694 billion from the sale of seven plots on Tuesday.
CDA Chairman Muhammad Ali Randhawa, who oversaw the auction proceedings at the Jinnah Convention Center, stated that the revenue generated would be utilized for ongoing development projects across the federal capital.
The highest bids on the opening day came from two commercial plots in the Blue Area and one plot each in Markaz I-8 and F-7. Notable sales included Plot No. 12 in Sector G-8 Blue Area (1,333.33 square yards) – Rs4.199 billion, Plot No. 11 in Sector G-8 Blue Area (1,333.33 square yards) – Rs3.466 billion, Plot No. 1-B in I-8 Markaz (1,422.22 square yards) – Rs3.34 billion and Plot No. 13-X in F-7 Markaz (700 square yards) – Rs2.12 billion. Additionally, the auction committee, led by CDA Member Finance, approved the highest bids for Plot No. 10 in G-9 Markaz (444.44 square yards) – Rs1.071 billion, Plot No. 4-B in G-8 Markaz (333.33 square yards) – Rs780 million, Plot No. 4-C in G-8 Markaz (333.33 square yards) – Rs690.99 million,
However, the auction of seven plots located in Markaz I-14, F-11, I-8, and G-10 Mauve Area was deferred. Speaking at the event, CDA Chairman Randhawa emphasized that the authority has transformed into a dynamic and efficient body, with strong investor participation reflecting confidence in its policies. He highlighted the completion of major projects, including Jinnah Square and the Recep Tayyip Erdo an Interchange, in record time. Additionally, he mentioned the ongoing digitization of operations, particularly land records, to enhance transparency and efficiency.
The chairman reiterated the collective vision of making Islamabad a modern and aesthetically pleasing city. He assured that the revenue generated from the auction would be invested in infrastructure development and beautification projects across the capital.
The auction will continue at the Jinnah Convention Centre until February 28, with commercial plots in the Blue Area, Markaz sectors, Industrial Zones, Apartments, and Park Enclave up for bidding. Additionally, plots in Class III Shopping Centres and shops in the newly constructed parking plaza in the Blue Area are also being auctioned.
The entire auction process is being supervised by a committee chaired by the CDA Member Finance. All received bids will be thoroughly scrutinized before being presented to the CDA Board, the ultimate authority for approval or rejection.
To encourage investor participation, CDA has introduced several incentives, including an extended payment plan from one year to two years. Building plan approvals will be granted upon 25 per cent payment, while plot possession will be given upon 75 per cent payment. Additionally, investors can avail a 10 per cent discount on lump-sum payments, with an extra 5 per cent discount for payments made in US dollars.
