Islamabad, Oct 1: CDA Record-Breaking Rs 2.45 Billion in Auction of Commercial Plots. An incredible Rs 2.45 billion was raised on the first day of the three-day commercial land auction held by the Capital Development Authority (CDA) in the federal capital.
Investors enthusiastically participated in the auction, which took place at the Gandhara Citizens Club in F-9 Park. Two excellent plots in the sought-after F-8 area sold for prices that broke records.The selling price of Plot 16-D was Rs 1.25 billion, and Plot 13-G was Rs 1.22 billion.
Investors have a fantastic chance to buy commercial plots in Islamabad’s most desirable areas, including as the Blue Area and Class III shopping centers, during this CDA Record-Breaking auction. Plots for lodging facilities and residential buildings are available for sale.
The Member Finance is in charge of a committee that is in charge of the transparent auction procedure. This CDA Record-Breaking auction is anticipated to increase economic activity in the capital, which is in line with the CDA’s goal of creating a favorable business environment. Investors will have another two days to take advantage of the rising real estate market in the city as the auction will continue.
Plots are auctioned off with the reserve price determined by the highest bid made in the previous round. The reserve price was established with the state of the market in mind. Everyone is aware that the market isn’t doing as well as it used to. In 2005 and 2006, it was detected at an elevated level.
In the previous auction, the first property, 56-D, brought in a price of Rs 1.2 billion, or Rs 262,000 per square yard. This time, the plot is being auctioned off for Rs 1.33 billion, with the highest bid of Rs 273,000 per square yard.
