ISLAMABAD: The cash-strapped Capital Development Authority (CDA) has fetched Rs11 billion from the sale of eight plots during the first two days of the four-day auction.

With the sale of these plots, the city managers are hoping to meet their target during the remaining days. Only last month, the CDA had stopped new projects due to shortage of funds.

“The response of investors has been encouraging; we are expecting to earn over Rs20 billion from the four-day auction,” CDA Chairman Anwarul Haq said.

Speaking to Dawn, Mr Haq said the response was good and hopefully during the remaining two days, the CDA would be able to meet its target of Rs20 billion.

In the absence of any regular income flow to meet its expenditure, the CDA has always relied on the income it earns through the sale of plots.

Sources said currently, the civic agency had only around Rs5 billion in its accounts, which were insufficient to pay liabilities against development work.

“Success of this auction is very imperative for us. We are happy that we were able to fetch around Rs11 billion in the first two days,” a CDA officer said.

Meanwhile, a press release issued by the civic authority on Wednesday stated that the CDA received a healthy response on the second day.

It said on the second day of the auction, plot no. 1 measuring 355.55 square yards in G-6/1-1sector was auctioned for Rs602 million. Similarly, plot no. N-1 measuring 1,066.66 square yards located in E-11 sector was auctioned for Rs1.24 billion. Hostel plot measuring 1,111.11 square yards in G-7/3 sector was auctioned for Rs706 million while a plot measuring 1,111.11 square yards in G-9/4 sector was auctioned for Rs604 million.

The press release said residential and commercial plots of different categories were being offered for investment in the four-day auction which were located in various Markaz, Blue Area, E-11 Northern Strip, Park Enclave Commercial, Class III shopping centres, agro farms, apartments and industrial plots.

Similarly, plots of fruit, vegetable and meat shops and I-11 markets are also up for auction. The auction is being supervised by the auction committee headed by the member estate.

Published in Dawn, October 19th, 2023