Islamabad: The Capital Development Authority raised PKR 13.52 billion on the opening day of its three-day auction of residential and commercial plots in the capital, officials said on Monday.
The auction, being held at the Jinnah Convention Centre, is being conducted under the supervision of Member Finance Tahir Naeem and an auction committee formed on the directions of CDA Chairman and Chief Commissioner Islamabad Muhammad Ali Randhawa.
Strong investor interest was seen in prime commercial properties, particularly in the Blue Area, which attracted the highest bids. Plot No. 17 in the F-8/G-8 sector was sold for PKR 9.15 billion, while Plot No. 15 in the same sector fetched PKR 3.52 billion. Two plots in the Orchards Scheme on Murree Road were also auctioned, with Plot No. 37-C generating PKR 422 million and Plot No. 37-D bringing in PKR 420 million.
Commenting on the outcome, CDA Chairman Muhammad Ali Randhawa said the strong investor response reflected growing confidence in the authority’s policies, adding that building and maintaining investor trust remains a key priority.
The auction will continue until December 24 and includes a range of residential and commercial properties. These include plots in various commercial centres, the E-11 Northern Strip, agro farm plots, petrol pumps, constructed shops in the Blue Area and residential plots in multiple sectors of Islamabad.
To attract wider participation, the CDA has offered several incentives, including an additional 5 percent discount on commercial plot payments made in US dollars and a 5 percent discount for lump-sum payments made within 30 days of bid approval. Building plan approvals will be issued after an initial payment of 25 percent, while possession will be granted once 75 percent of the payment is completed.
Officials said all bids will be forwarded to the CDA Board for approval after thorough scrutiny. The CDA chairman added that revenue generated from the auction will be utilised for development, construction and beautification projects across Islamabad to improve urban infrastructure and public facilities.
