The Capital Development Authority (CDA) held the second day of its auction for residential and commercial plots in Islamabad, with total proceeds reaching Rs. 14.809 billion during the first two days.
The auction is being conducted under the supervision of the Chairman Auction Committee and Member Finance Tahir Naeem, along with other members of the auction committee.
On the second day of the auction, Plot No. 12, located in Sector D-12 Markaz, was auctioned for Rs. 1.04 billion, while Plot No. A-284 in Sector F-10/3 was sold for Rs. 246 million. As a result, plots worth a total of Rs. 1.28 billion were sold on the second day alone.
During the first day of the auction, two prime plots in the Blue Area, located at F-8/G-8, fetched major bids. Plot No. 15 was auctioned for Rs. 3.52 billion, while Plot No. 17 was sold for Rs. 9.15 billion. In addition, Plot No. C-37 in the Orchard Scheme on Murree Road was sold for Rs. 422 million, while Plot No. D-37 in the same scheme was auctioned for Rs. 420 million.
The auction of residential and commercial plots will continue until December 24 at the Jinnah Convention Centre. Various categories of residential and commercial plots are being offered for investment, targeting both local and overseas investors.
Under investor-friendly measures, several incentives have been introduced. A five percent discount will be offered on commercial plots in case of payment in US dollars, while another five percent rebate will be available for lump-sum payment within 30 days of bid approval.
Building plan approval will be granted after the first 25 percent payment, while possession of plots will be handed over after 75 percent payment. All received bids will be placed before the CDA Board for approval, and the revenue generated from the auction will be utilised for the development, infrastructure, and beautification of the federal capital, according to the CDA chairman.