ISLAMABAD, Nov 23: The Capital Development Authority (CDA) on Friday said it generated around Rs2.8 billion by auctioning plots.

Residential, commercial plots, economy flats and filling stations were auctioned in the developed sectors of Islamabad.

An official of the civic authority told Dawn that the timeframe for payment had been shortened from the previous one year to two months.

According to the revised payment schedule, the CDA would get 25 per cent prices of the commercial plots by Monday (72 hours after bid) and the rest within two months in two installments.

For residential plots, the bidders would pay 40 per cent of the amount by Monday and the remaining within six months. Earlier, the authority used to give two years time to the buyers of commercial plots.

The official said the CDA had rejected eight out of 20 bids since they offered lower prices.

Meanwhile, CDA spokesman Ramzan Sajid said shortening of payment plan would help revive development activity in Blue Area.

He said non-extension of the Blue Area and other commercial areas had encouraged the non-conforming use of residential buildings.