The Capital Development Authority (CDA) collected Rs13.80687 billion from the sale of four commercial plots on the first day of its three-day auction of properties in Islamabad.
The auction, which started at the Jinnah Convention Centre, will continue until August 6, featuring commercial plots and other properties in different areas of the capital.
The highest-value transaction on the opening day was recorded for Plot No. 18 in Blue Area, which received a bid of Rs9.13465 billion. Another Blue Area property, Plot No. C-1, was sold for Rs3.51332 billion.
Meanwhile, Plot No. 2 in G-1, I-9 Markaz attracted a bid of Rs529.575 million, while Plot No. 2 in G-6 I&T, Aabpara Market was sold for Rs629.32 million.
The CDA said the auction reflects its efforts to encourage investment and support business activity in Islamabad. The revenue generated will be allocated toward infrastructure upgrades, development projects, improvement of civic facilities, and measures to address issues such as water supply.
The Chairman of the CDA Auction Committee said the authority is focused on completing ongoing development schemes within timelines and improving facilities for residents and businesses.
He added that the CDA has revised parking requirements for commercial buildings, increasing the minimum parking area from 750 square feet to 1,000 square feet. The new requirement will apply to the ongoing auction as well as future commercial auctions.
The auction includes commercial plots in various sectors, including commercial centres, E-11 Northern Strip, agro farms, petrol pumps, and shops at the Blue Area Parking Plaza.
The CDA is providing a 5% payment discount for buyers making payments in US dollars and another 5% discount for those clearing the full payment within 30 days of bid approval.
Successful bidders can seek approval for building plans after depositing 25% of the bid amount, while possession will be granted after payment of 75% of the total amount.
The authority said all bids will be reviewed before being forwarded to the CDA Board, which will make the final decision on approval or rejection.
