The Capital Development Authority (CDA) fetched billions of rupees on the first day of its three-day plot auction, currently being held at the Gandhara Hall, F-9 Park, in the federal capital.
According to details, a total of 11 commercial plots went under the hammer on the first day. However, the civic authority managed to sell only four.
The highest bid of Rs4.53 billion was attracted by plot number 9, measuring 2666.66 square yards, located in Sector G-8 in the Blue Area. Furthermore, another plot measuring 800 square yards in I-8 Markaz was sold for Rs1.46 billion.
Additionally, two more plots measuring 666.66 square yards in I-8 Markaz and another one measuring 533.33 square yards in I-14 Markaz were auctioned for Rs1.49 billion and Rs0.653 billion, respectively.
The plot auction will continue until January 12, during which 24 additional commercial plots will be offered at lucrative locations.
Despite earning nearly 8 billion rupees on the first day, some believe that the offers might have been higher if the auction were held next month after the general election.
It should be noted that in October of last year, CDA managed to generate Rs. 12.9 billion, falling short of its Rs. 20 billion target from the auction of 25 commercial and residential plots
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**CDA FAILED IN AUCTION OF PLOTS*
On first day of auction *11* plots auctioned by CDA but only four *(04)* plots sold.
CDA faced big failure due to poor planning of auction at Wrong Time.
CDA will be able to collect revenue of 1.94 Billion in the current quarter by sale of plots auction on 10th January.
CDA should review his financial planning and policies instead of selling valuable assets at low prices.