ISLAMABAD: The Capital Development Authority (CDA) on Tuesday received good response from investors as on the first day of the four-day auction it fetched over Rs15 billion for seven commercial plots.

“The auction of commercial plots has received an overwhelming response from investors. On the first day of the auction, seven plots were sold for approximately Rs15.694 billion. A large number of investors participated in the auction, resulting in a highly competitive bidding process,” says a press release issued by CDA.

The successful bidders will pay to CDA in accordance with two years payment plan. Sharing details of seven auctioned plots, the CDA said Plot No B-1 in the I-8 Markaz was sold for Rs3.34 billion, Plot No 4- B in G-8 Markaz for Rs780.99 million and Plot No 4-C in G-8 Markaz was auctioned for Rs690.99m. Similarly, Plot No 10 in G-9 Markaz was auctioned for Rs1.071 billion, Plot No 11 of Blue Area G-8 was sold for Rs3.466 billion and Plot No 12 of Blue Area G-8 for Rs4.199 billion. Moreover, Plot No 13-X in the F-7 Markaz was sold for Rs2.12 billion.

Addressing the investors, CDA Chairman Mohammad Ali Randhawa stated that the civic agency had been transformed into a vibrant and functional body, and the massive participation of investors in the auction reflected their confidence in CDA’s policies and initiatives.

He said that mega projects such as Jinnah Square and the Recep Tayyip Erdogan Interchange had been completed in record time while construction work in various sectors was being carried out day and night.

Mr Randhawa stated that revenue generated from the auction will be utilised for the development and beautification of the city and its infrastructure.

The auction will continue at the Jinnah Convention Centre until February 28.

Since its inception, CDA has been reducing its land bank as it regularly conducts auction of plots to meet its development and non-development expenditures.

“Besides selling plots, there is a need to explore other options for generating regular income to run the affairs as sooner or later there would remain no plots,” said a source in CDA.

Published in Dawn, February 26th, 2025