4 Plots Worth 8 Billion Sold in 1 Day in Islamabad

ISLAMABAD – The Capital Development Authority made rounds on its first auction day when they gathered a whopping Rs 8 billion just by selling 4 commercial properties in 1 day.

Sources suggest that 11 properties were set up for auction but CDA only managed to sell four on the first day of their auction which was held at F-9 Park, Islamabad.

The most expensive property sold till yet was Plot number 9 which is located in G-8. The plot has an area of 2666.66 square yards and the highest bidder bidded an astonishing Rs 4.53 billion for it.

The second plot was located in the I-8 sector of Islamabad, specifically in the I-8 Markaz. It had an area of 800 square yards and was sold at Rs 1.46 billion.

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Two other plots with the area of 666.6 square yards and 533.3 square yards were also located in the I-8 sector of Islamabad and both of them combined were sold for almost Rs 2.1 billion.

The auction is still continuing and will continue till January 12, 2024. The CDA has 24 more properties lined up for auction at ideal locations.

Even though the CDA managed to get Rs 8 billion on the first day of the auction, critics suggest that if the auction was held after the general elections, the properties would’ve gone for a much higher value.

CDA had its last target of Rs 20 billion for 2023, and they managed to collect almost Rs12.9 billion by auctioning 25 commercial and residential properties in 2023.