CDA Makes Whopping Rs. 22.11 Billion With Auction for Commercial Plots
Despite the transition of the CDA Chairman the day before, the recent three-day commercial property auction held by the Capital Development Authority (CDA), which began on Tuesday, was successful.
A single plot of 5,952 square yards in the Blue Area brought in Rs. 8.54 billion from the sale of one of the eight commercial plots, for a total of Rs. 22.11 billion.
It should be noted that the last CDA sale was held in 2021, making this 2023 auction the organization’s first government land auction in over two years. Given the sluggish rate of private home construction and the lack of new private projects, this gap had generated market demand. As a result, investors hurried to purchase CDA sites.
For plot number 62 in the old Blue Area, Mari Petroleum made the highest offer of Rs. 1.435 million per unit of land area, for a total of Rs. 8.54 billion, according to the CDA’s auction committee, which was chaired by Member Estate Afnan Alam Khan. The largest bid ever recorded for the sale of a single property was just shy of Rs. 8.79 billion, though, in August 2021.
The highest offers, of Rs. 30.01 lac and Rs. 26.35 lac per square yard, were placed on plots 13 and 2 in the Blue Area, each measuring 611 square yards. These plots received bids of Rs. 1.83 billion and Rs. 1.60 billion, respectively. The committee will offer a number of additional plots in the Blue Area that total 9,600 square yards and 4,511 square yards on the day after the auction. All of the winning bids, according to a CDA representative, are subject to CDA board approval.
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