ISLAMABAD: The cash starved Capital Development Authority (CDA) auctioned 38 residential and commercial plots and orchards located in different sectors of the federal capital for Rs 1.265 billion during the two-day auction on Wednesday and Thursday.

On the first day the CDA put 34 residential plots for auction, of which 27 plots were auctioned for Rs 335.30 million, while on the second day it put 15 commercial plots and orchards, of which 11 plots were auctioned for Rs 930 million, a senior official of CDA told Daily Times.

He said a high-level committee headed by Member (Finance) Saeed-ur-Rehman and comprising Member (Estate) Brig ® Asad Munir, Member (Planning & Design) Syed Tanvir Bukhari and the directors Estate Management-I and II and One Window Operation and Deputy Financial Advisor-II, supervised the auction held at Aabpara Community Centre.

He said a large number of people participated in it.

He said a few months ago during plots auction the authority had received offers amounting to Rs 1.6 billion, but the CDA board rejected most of the offers and auctioned some plots for Rs 700 million. He said the current auction was more successful than their expectations. He said the commercial plots were sold at double price.

The official said in current auction the investors had shown more interest commercial plots, while in previous auction they showed interest only in residential plots.

On Thursday, an orchard on Murree Road measuring 4.76 acres was auctioned for Rs 76.73 million while a plot (measuring 1,666.66 sq yards) for CNG station on Lehtrar Road was auctioned for Rs 60 million. Another plot for CNG station in Sector I-8/1 measuring 2,500 sq yards received an offer of Rs 67,000 per sq yard, he added.

Similarly, two commercial plots situated in Markaz I-8 and G-11, three class-III shopping centre plots in Sector G-11/3, one community centre plot in Sector G-11/1, one plot in Sector I-11/3 wholesale market and one plot in Industrial and Trade Centre (I & T Centre) Sector G-10 were also auctioned.

Source: Daily Times