On the first day of its three-day plot auction, which is now taking place in the federal capital’s Gandhara Hall, F-9 Park, the Capital Development Authority (CDA) raised billions of rupees.

Details indicate that on the first day, 11 commercial plots were auctioned out. The local government was only able to sell four, though.

Plot number 9, which is situated in Sector G-8 of the Blue Area and measures 2666.66 square yards, drew the highest bid of Rs4.53 billion. An additional 800-square-yard property in I-8 Markaz was sold for Rs1.46 billion.

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Furthermore, two other plots, one measuring 533.33 square yards in I-14 Markaz and the other measuring 666.66 square yards in I-8 Markaz, were sold at auction for Rs1.49 billion and Rs0.653 billion, respectively.

Plots will still be available for purchase until January 12 when 24 more commercial plots in prime locations will go up for auction.

Some people think that if the auction had taken place the month after the general election, the offers may have been higher, even though it made almost 8 billion rupees on its first day.

It should be recalled that in October of last year, the CDA was able to raise just Rs. 12.9 billion from the auction of 25 commercial and residential plots, falling short of its Rs. 20 billion goal.

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