ISLAMABAD, March 11: The Capital Development Authority earned over Rs214 million through auctioning of 52 residential plots of different sizes on the first day of the four-day auctioning process at the Fire Brigade headquarters on Monday.

The asking rate was Rs5,000 per sq. yard. The lowest price at which the plots were auctioned was Rs8,700 per sq yard and the highest rate was Rs13,500.

Majority of the buyers were stated to be property dealers.

In sector F-10/3, 12 plots measuring 555.55 sq yards to 600 sq yards came under the hammer at Rs9,700sq yard to Rs13,000sq yard.

As many as 19 plots in sector I-8/4, measuring 355.55sq yards were auctioned between Rs9,700 to Rs12,600 per sq yard. In sector G-10/2 some 17 plots of 355.55sq yards each were auctioned at Rs8,700 to Rs10,000 per sq yard. Two plots at sector G-10/3, one plot each in sector G-11/1 and G-11/3 were also auctioned.

The auction was conducted by a CDA committee.

The auction will continue for the next three days.

The lowest expected rate for the commercial plot is Rs35,000 per sq yard and the highest Rs40,000 per sq yard.

The CDA also charged 7.5 per cent advance property tax from the successful bidders as against 3.7pc last year.

It is expected that the authority will generate over Rs4 billion during its four-day auction of plots.