ISLAMABAD: Capital Development Authority (CDA) auctioned 16 residential plots for Rs 246.1 million during an open auction at Aabpara Community Centre on Tuesday.

On the first day, CDA offered 16 residential plots located in Sector F-11/1 and G-10/2 for auction. Plot No 227-E, measuring 500 square yards, located in Sector F-11/1 received the highest bid of Rs 45,000 per square yard, whereas plot No 64 and 65, measuring 311 square yards each, located in Sector G-10/2 received the lowest bid of Rs 35,000 per square yard.

According to sources, six plots of sector F-11/1 located in street 75 and 78 were offered for auction. Plot No 227-B was sold for Rs 21 million, 227-C for Rs 21.7 million, 227-D for Rs 21.7 million, 227-E for Rs 22.5 million, 227-H for Rs 25.3 million and 273-B for Rs 31.3 million.

Ten plots of sector G-10/2 located in street 1, 2 and 27 were offered for auction. Plot No 64 was sold for Rs 10.8 million, plot No 65 for Rs 10.8 million, plot No 66 for Rs 10.9 million, plot No 71 for Rs 12.1 million, plot No 72 for Rs 12.3 million, plot No 103 for Rs 9.7 million, plot No 104 for Rs 9.3 million, plot No 105 for Rs 9.3 million, plot No 114-B for Rs 8.7 million and plot No 115 for Rs 8.7 million.

Sources said plot No 39 and 40, measuring 355 square yards each, in sector D-12/3 and Flat 16 Block 6 Gali 25 located in sector I-8/1 were also offered for auction but these could not be sold.

A committee headed by CDA Member Finance Saeedur Rehman is supervising the two-day auction. The other committee members include Member Estate S.M Farooqi, Member Engineering, Planning and Design Abdul Jabbar Malano, Director Public Relations, Director Estate Management-I, Director Estate Management-II, Director One Window Operation and Deputy Financial Advisor.

The committee would submit its recommendations to the CDA Board, which is the final authority for approval of the auction. A large number of people participated in the auction on the first day.

According to rules, the bidders have to pay 40 percent of total land cost within a week and remaining 60 percent will be paid in two equal installments of three months. Moreover, four percent CVT will be imposed on residential plots measuring over 500 square yards. If a successful bidder would fail to pay the above-mentioned amount his deposit money will be confiscated.

The auction of commercial plots would be conducted today (Wednesday) from 10am to 4pm.