Islamabad: The Capital Development Authority (CDA) has generated PKR 1,204 million with the open auction of residential plots during the first day of its four-day event, a news source reported. The authority was successful in auctioning off 25 residential plots during the auctioning sessions organized so far.
The open auction event is being held at the Jinnah Convention Centre, Islamabad. Its first two days (April 8 and April 9) have been set for auctioning residential plots. The last two days (April 10 and April 11) will see the auctioning of commercial plots.
On the first day, the event played host to a big audience comprised of investors and members of the general public. Around 150 investors took part in the bidding process. Afterwards, CDA reported a 100% response – since each plot available for bidding has been auctioned off successfully. Officials state that this positive outcome is the result of the current CDA management’s investor-friendly policies.
A Member Finance headed a high-level auction committee, which was responsible for overseeing the event’s proceedings. The committee was specifically tasked with ensuring that the auction proceeded transparently. As per reports, the participants and observers at the event appreciated the arrangements made.
CDA has claimed that the income generated through the auction will be invested into the development of various sectors of the capital city. The overseeing committee will submit its recommendations to the CDA Board, which will approve the recommendations after the auctioning process is over.
