ISLAMABAD: The Capital Development Authority (CDA) earned Rs11 billion over the course of a four day auction of residential and commercial plots.

The auction has been called the most profitable in CDA’s history, even though real estate has been in a tailspin over the last few months due to the country’s economic condition and a government drive against tax evaders.

CDA spokesperson Syed Safdar Ali said record returns for the public sector were “highly encouraging for us.”

The second most profitable auction, in May 2017, earned Rs11.19bn. This one earned Rs11.28bn.

According to the CDA the proceedings were supervised by an auction committee led by Member Finance Dr Fahad Aziz. The spokesperson said the auction as “managed and conducted in a well organised, open and transparent manner.”

Mr Ali said there was prolonged bidding throughout the auction. He said there was an impressive gathering of investors and the public, who participated in the auction enthusiastically.

Chairman Amer Ali Ahmed said the authority will now carry out a number of development projects around the city, including the expansion of roads and development work in stalled sectors.

The CDA auctioned 31 residential plots in developed sectors in the first two days, and 23 out of 38 commercial plots put on auction were sold in the last two days.

A statement from the authority said the auction of 25 plots on the first day generated Rs1.02bn, six residential plots were sold for Rs230 million on the second day, eight commercial plots were sold for Rs4.05bn on the third day and 15 commercial plots were auctioned for Rs5.98bn on the fourth day.

The plots auctioned on Thursday included Plot 6-B in Blue Area, G-8, which measures 777.77 square yards and sold for Rs655,000 per sq yard. Plot 63-C in Blue Area, F-7, measuring 1,711.11 sq yards earned Rs367,000 per sq yards, Plot 12 in G-9 Markaz measuring 733.33sq yards earned Rs331,000 per sq yard and Plot 25-C in G-11/1 measuring 4,500 sq yards earned Rs162,000 per sq yard.

Plot 66 in Sehana (Orchard Scheme) measuring three acres received a bid of Rs2.1m per kanal, Plot 2-H in Class-III Shopping Centre No.1, G-9/1, measuring 100 sq yards received a bid of Rs460,000 per sq yards, Plot 2-C, Class-III Shopping Centre No.10, G-9/3, measuring 133.33sq yards received a bid of Rs390,000 per sq yard, and Plot 1-B, Class-III Shopping Centre No.5, F-11/1, measuring 166.66 sq yards received a bid of Rs856,000 per sq yard.

Plot 4-O, Community Core, H-8/2, measuring 266.66sq yards received a bid of Rs660,000 per sq yards, Plot 3-E, Class-III Shopping Centre No.10, I-14/4, measuring 133.33 sq yards received a bid of Rs270,000 per sq yards, Plot 17-A in the Diplomatic Enclave Markaz, measuring 427.77 sq yards, received a bid of Rs674,000 per sq yard, Plot 17-C in the Diplomatic Enclave measuring 427.77 sq yards received a bid of Rs672,000 per sq yard, Plot 57-B, Blue Area, F-6, measuring 2,844.44 sq yards received a bid of Rs932,000 per sq yard, Plot 74 in I-11 measuring 1,066.66 sq yards received a bid of Rs70,000 per sq yard and Plot 71 in I-11, measuring 1,066.66 sq yards received a bid of Rs64,000 per sq yard.

Published in Dawn, April 12th, 2019