ISLAMABAD: The Capital Development Authority (CDA) recently held a three-day auction for plots which concluded on Thursday.
According to the details, the authority has raised an impressive PKR 41 billion from the sale of 42 plots.
This marks a new record for the civic authority, surpassing the previous auction held in 2021 which raised PKR 37 billion.
The Director CDA also stated that during this three-day auction, the authority had made almost PKR 40.7 billion with 41 plots which he claimed was the highest figure.
The success of the auction was attributed to the teamwork of the estate, planning, and finance wings, with the planning wing playing a key role in providing well-planned plots in desirable locations, which were then effectively marketed by the estate wing.
Despite the current economic crisis in the country, the auction received an overwhelming response from investors.
CDA, being an autonomous body, relies heavily on its land bank as a source of funding for its operations.
However, officials have stated that they would need to explore other options for increasing income in the future, such as constructing commercial buildings and apartments to rent out.
Govt better stay away from constructing and renting out buildings by themselves due to not having any construction schedule strictly adhering to a specified time period in the past, whereas timely completion is utmost essential for the success of a project.