Islamabad: Capital Development Authority (CDA) has generated PKR 11.284 billion with its four-day open auction event, a news source reported. This is the largest return ever recorded by CDA as it auctioned off residential and commercial plots in Islamabad.
CDA held a similar auction in October last year. Along with the recent four-day event, the auction has generated a total PKR 18.7 billion. This is almost half of its entire budget for the current financial year.
CDA auctioned residential plots on the first two days, and commercial plots in the last two days. On the final day, the civic body auctioned off 15 commercial plots, which generated PKR 5.981 billion. A total of 38 commercial plots were up for auction, out of which CDA was successful in auctioni9ing off 23 plots. As a result, CDA generated a total of PKR 10.03 billion from commercial plots.
CDA Chairman Amir Ali Ahmed has stated that the income raised will be invested into development projects in the city. He added that the money will be particularly used for the pending development projects.
On the auction’s first day, CDA auctioned off all the 25 residential plots it put up, generating PKR 1.024 billion. On the second day, the civic body auctioned off only six residential plots out of a total of 13, and raised PKR 230 million. On the third day, CDA auctioned off eight commercial plots of various categories, and generated PKR 4.048 billion.
