ISLAMABAD: CDA Chairman approved a three-day auction of plots in different sectors of Islamabad. The most expensive plot in Islamabad’s history was sold for Rs8.54 billion in the auction.
The CDA has decided to auction off plots located in various development sectors of Islamabad to complete its ongoing development projects.
Therefore, CDA Chairman Captain (retd) Muhammad Usman approved a three-day auction (January 24-January 26) at the Jinnah Convention Centre in Islamabad. The chairman commended the sale of 47 plots, including commercial and residential plots in Park Enclave, Blue Area, and sectors E-11, G-9, and I-9.
In the auction, CDA sold the most expensive plot of 10 kanals for Rs8.54 billion. The plot is located in the renowned commercial center Blue Area and is most suitable for a high-rise building or a shopping center. The plot is anticipated to generate high ROI.
The bidding rules allow the successful bidder to pay the plot price to the government in 3-5 years. If the bidder pays the lump sum amount, he will get a 10% discount on the total amount.
The auction is monitored by a committee headed by the CDA member finance. Other committee members are Member State, DG Law, Member Planning and Design, DFA-II, Director Finance, Director Public Relations, Director Regional Planning, Director Urban Planning, and Director State Management-II.
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