ISLAMABAD  -  The Capital Development Authority has made a successful debut on Tuesday for its four-day long auction of commercial plots and managed to fetch Rs.15.694 billion.  The auction is being supervised by a committee formed under the chairmanship of the CDA Member Finance, which received an overwhelming response from investors.

CDA which was facing scarcity of funds due to multiple ongoing development in addition to fulfilling the regular needs of the civic authority would get breathing space through this successful auction.  On the first day of the auction, seven plots were sold for approximately Rs.15.694 billion. A large number of investors participated in the auction, resulting in a highly competitive bidding process. 

Chairman of CDA, Muhammad Ali Randhawa, was also present at the Jinnah Convention Center to oversee the auction proceedings.  According to details, on the first day of the auction, Plot No. B-1 in the I-8 Markaz was sold for Rs.3.34 billion. 

Similarly, Plot No. 4-B in G-8 Markaz was auctioned for Rs.78.99 crore, and Plot No. 4-C in G-8 markaz was sold for Rs.69.99 crore.  Similarly, Plot No. 10 in G-9 Markaz was auctioned for Rs.1.071 billion. 

Commercial Plot No.11of Blue Area G-8 was sold for Rs.3.466 billion, and Plot No. 12 of Blue Area G-8 was auctioned for Rs.4.199 billion.  Furthermore, Plot No. 13-X in the F-7 Markaz was sold for Rs.2.12 billion. In total, seven plots were auctioned on the first day, generating Rs.15.69 billion.  Addressing the investors, Chairman CDA stated that CDA has been transformed into vibrant and functional body, and the massive participation of investors in the auction reflects their confidence in CDA’s policies and initiatives. 

Chairman CDA highlighted that mega projects such as Jinnah Square and the Recep Tayyip Erdogan Interchange have been completed in record time, while construction work in various sectors is being carried out day and night.  He also mentioned that the authority is digitizing all operations, including land records, by leveraging technology. 

Chairman CDA emphasized the collective goal of making Islamabad a beautiful and modern city. He further stated that revenue generated from the auction will be utilized for the development and beautification of the city and its infrastructure. 

The four-day commercial plots auction will continue at the Jinnah Convention Center until February 28, 2025. During this auction, commercial plots in the Blue Area, marakaz, Industrial Zones, Apartments, and Park Enclave are being offered for auction.  Additionally, plots of Class III Shopping Centers and shops of parking plaza constructed in Blue Area will also be auctioned. 

All bids received will undergo thorough scrutiny before being presented to the CDA Board, which is the authorized forum to approve or reject the bids. It is important to note that investors participating in the auction of commercial plots are being offered several incentives and facilities. 

The payment plan for commercial plots has been extended from one year to two years. Furthermore, building plan approvals will be granted upon 25% payment, and possession of plots will be given upon 75% payment. Additionally, a 10% discount is being offered for lump-sum payments, and a 5% additional discount is available for payments made in US dollars.