CDA’s plots auction fetches Rs. 6.7 billion

[Salman]

CDA’s plots auction fetches Rs. 6.7 billion

Friday, April 04, 2014 - Islamabad —Twenty four (24) plots were sold in the two day open and transparent auction at all times high rates for the plots in the respective areas. The auction was still in progress till the issuance this press release. Plot No. 6 for luxury apartments of, F-10 Markaz fetched highest ever amount Rs. 2,37,000/- per square yard.

Chairman CDA Mr. Maroof Afzal said that the two days auction fetched much higher prices as compared to the previous ones, which testifies investor’s confidence in CDA’s transparent andinvestment friendly policies. On second day of the grand auction of commercial plots, the Capital Development Authority (CDA) received an unprecedented response from the business community. The two day auction commenced on Wednesday at Convention Centre fetched approximately Rs.6.7 billion.

Transparency openness and participation of business community in large number on first day of auction further enhanced the confidence of the investors. That’s why the second day of auction witnessed even more investors participating in auction process. Earlier Six (06) commercial plots located in different Marakiz of developed sectors, class three shopping centers and commercial plots of Blue area were auctioned on first day of the Auction and CDA fetched Rs. 2.68 billion on the first day, while 18 plots were auctioned today at record breaking rates Rs. 4,041,393,600.

A large number of bidders participated in the auction process. Auction Hall at Jinnah Convention Centre remained teeming with the bidder during the two days of the auction process. As per thedirections by the Chairman the high standards of openness and transparency were adhered to during two day of bidding process.

The two day auction of commercial plots was supervised by a committee headed by Member Finance, Arbab Sher Bahadur and comprising of Member Planning & Design, Mr. Waseem Ahmad Khan, Member Estate, Mrs. Shaista Sohail, Deputy Director General Finance, Zia-ur-Rehman Toor, Deputy Director General (law), Mrs. Najma Azhar, Director Estate Management-II, Muhammad Ali and Director Public Relations, Muhammad Asim Khichi. The auction committee would submit its recommendations to the CDA Board, which is the final Authority for approval of these auctions.