ISLAMABAD: On second day of the auction of plots, the Capital Development Authority (CDA) fetched around Rs11 billion more, generating Rs32.5 billion in two days auction.

After auctioning eight plots worth Rs22.1 billion on opening day of the three-day auction here at Jinnah Convention Centre, the CDA sold another 12 plots for Rs11 billion.

Besides commercial, residential plots of Park Enclave Housing Scheme and three agriculture farms were also put on auction.

According to rules, the CDA auctions its plots in open bidding and successful bidders are supposed to pay token amount and then price of plots within one year in quarter installments.

An official of CDA said that 12 plots including three agriculture farms located in various locations were successfully auctioned and three of them are located in sector E-11.

Plot number (block B) measuring 2,444 square yard (sq yard) in E-11 Northern Strip was auctioned against Rs945,000 per sq yard, generating Rs2.3 billion. While plot number N-4 in northern strip, measuring 1,066 yards, was sold at Rs1,605,000 per sq yard with total amount of Rs1.7 billion and plot number S-18 in same area, measuring 977 sq yard, was sold at around Rs1billion with Rs1,100,000 pr sq yard rate.

Meanwhile, three agro farms were also auctioned as an agro of3.04 acre was sold at Rs345,344,000 with Rs14,200,000 per sq yard rate while another agro farm of 3.2 acre was sold out at Rs15,700,000 per sq yard rate with total amount of Rs370 million. While and 2.5 acre agro was sold at Rs 14,300,000 per sq yard, generating Rs280.

The auction, which is being held after around two and half year on first day received a record bid of a plot in Blue Area, which was sold at whopping Rs3 million per sq yard. The CDA officials said that at a time when country’s economy is facing crunch, the response of the investors was very encouraging.

Published in Dawn, January 26th, 2023