Islamabad: The Capital Development Authority (CDA) on Wednesday (August 4) raised PKR 20.35 billion through the auction of 13 properties in various areas of Islamabad, according to a news report. The two-day event received an overwhelming response from investors — with the authority reaching its goal amount on the first day by auctioning off 13 of the total 29 plots up for sale.
On the first day of the auction, the authority managed to sell off four commercial plots in I-8, two plots in G-10 Markaz, one plot in F-11 Markaz, two plots in I-12 Markaz, and four plots in Blue Area. The highest bid was received for a plot located in I-8 worth PKR 6.5 billion.
According to CDA Chairman Amer Ali Ahmed, the proceeds from the sale of these commercial plots will be used for public welfare initiatives, particularly the development of Sector I-12. This project has remained on the back burner for quite some time and a significant part of the revenue from the aforementioned sales is expected to be utilised to fund the sector’s expansion, allowing more housing units to be built in the area.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
