ISLAMABAD: The cash-strapped Capital Development Authority (CDA) may recover its losses as bidders on Wednesday, the first day of auction of residential plots, showed an expected response.

Twenty-seven residential plots worth Rs 335.30 million out of 34 plots were auctioned on the first day. A CDA official told Daily Times that the authority had planned auction of plots a few weeks ago after consuming most of its resources.

The auction, he said, was needed for execution of ongoing development projects. The CDA high-ups relied on the auction as one of the main sources of revenue generation, he said. The two-day auction was organised at Aabpara Community Centre under the supervision of CDA Member Finance Saeedur Rahman, Member Estate Asad Munir, Member Planning and Design Syed Tanveer Bukhari and other senior officials.

In G series of sectors, 22 plots are on auction; in D series, four plots and in F series, one plot is on auction. Per square yard price of the plots is mentioned hereunder: Rs 62,600 for a 500-square-yards plot in Sector F-11/3; Rs 26,000 for a 355.55-square-yard plot in Sector D-12/4; Rs 32,000 for a 311.11-square-yard plot in Sector G-10/2; Rs 28,400 for a 233.33-square-yard plot in G-10/2; Rs 38,600 for a 471-square-yard plot in Sector G-10/3; Rs 35,000 for a 355.55-square-yard plot in Sector G-10/3 and Rs 16,300 for a 355.55-square-yard plot in Sector D-12/1. He said commercial, CNG stations and orchard plots would also be auctioned. A large number of people participated in the auction.

Source: Daily Times