Islamabad: The Capital Development Authority (CDA) held a three-day open auction of residential and commercial plots in Islamabad from January 24 to January 26, 2023. The auction was a great success. A large number of investors and competitors participated in the auction. The CDA auctioned 42 plots for a worth of Rs 40.956 billion. It is pertinent to mention that this auction generated the highest proceeds among all public auctions held so far.
The Authority also auctioned the most expensive plot in the history of Islamabad for Rs 8.54 billion. The said plot is located in Blue Area, the commercial hub of the capital city, measuring 5900 sq. yards.
The authority offered residential and commercial plots of different categories in various developed sectors of Islamabad. The commercial plots were the focus of most of the investors. The open auction of plots in Islamabad was a unique opportunity for individuals and businesses to invest in one of the most sought-after cities in the country. With its stunning scenery, high quality of life, and strong infrastructure, Islamabad aims for continued growth and development.
CDA Member Finance headed the auction committee. The committee made effective arrangements to make this public auction transparent and competitive. Due to this the investors actively participated in the bidding. Chairman CDA Captain (retd) Noor Ul Amin Mengal appreciated the transparency and success of the auction.
The CDA administration said that the proceeds from the auction will be used to accelerate the development activities in the city that have been stalled for a long time due to a shortage of funds.
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