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ISLAMABAD, Feb 28 (APP):Capital Development Authority (CDA) concluded its highly successful four-day open auction of commercial plots, generating a staggering Rs23.404 billion in revenue.
The auction, which saw robust participation from investors, included the sale of 17 commercial plots across various categories and 15 shops in the Blue Area Parking Plaza.
On the final day alone, the 15 constructed shops in the Blue Area Parking Plaza fetched over Rs1.555 billion, marking a significant milestone for the authority.
CDA Chairman Muhammad Ali Randhawa expressed his gratitude to the investors, highlighting that their overwhelming participation demonstrated strong confidence in the authority. “The investors are not just stakeholders but partners in the development and progress of Islamabad,” Randhawa stated.
He assured that the revenue generated from the auction would be channeled towards enhancing facilities for the residents of Islamabad, including the investors themselves.
Randhawa also emphasized that the CDA is actively incorporating suggestions from the business community and investors to improve its operations. “We are committed to making Islamabad a model city, and the feedback from our investors plays a crucial role in this journey,” he added.
The auction was conducted under the supervision of a high-level committee led by the CDA Member Finance, with the Director of Estate Management-II serving as the secretary. The Estate Management-II Directorate handled all logistical arrangements, ensuring a seamless and transparent process.
Chairman Randhawa lauded the committee for maintaining a competitive and fair environment throughout the auction, which contributed to its success.
The auction offered a wide range of investment opportunities, including commercial plots in developed sectors, Commercial Marakaz, industrial plots, apartment plots, and plots in Park Enclave.
Additionally, Class-III shopping centers and ready-to-use shops in the Blue Area Parking Plaza were up for grabs, attracting significant interest from investors.
The bids received during the auction will now undergo a thorough review before being presented to the CDA Board for final approval.
The board holds the authority to either approve or reject the bids, ensuring that all transactions align with the authority’s standards and objectives.