CDA Produces Double Projected Revenue from Plots Auction
According to news reports, the Capital Development Authority (CDA) raised PKR 37.945 billion at the two-day auction of 24 commercial plots in the business districts of the federal capital, nearly double the estimated sum of PKR 20 billion.
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On the second day of the auction, the CDA received offers totaling PKR 17.5 billion for eleven properties. On the first day of the auction, it received bids totaling PKR 20 billion for 13 properties. A 7,000-square-yard property in the Blue Area garnered the highest bid and was sold for PKR 8.79 billion, the highest price ever paid at a CDA auction.
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In addition, bids of PKR 3.35 billion and PKR 1.64 billion were submitted for a site in Blue Area and Diplomatic Enclaves, respectively.
According to CDA Chairman Amir Ali Ahmad, the auction committee will accept the highest offers made, and the funds obtained thus far would be utilized to fund development initiatives, notably the long-delayed restoration and building of Sector I-12.
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