Capital Development Authority (CDA) Tuesday succeeded in selling the most expensive plot in the history of Islamabad.
According to the 24News HD TV channel, the most expensive plot of 10 kanals sold in the auction which located in a prime location of Islamabad's famous commercial center Blue Area.
the CDA auctioned the plot for Rs8.54 billion in a public auction held here in the Jinnah Convention Center Islamabad.
According to CDA sources, the said plot is most suitable for a high-rise building or a shopping center and the investor will get his money only by erecting the gray structure of the building there.
On the other hand, as per the rules of the bidding, the successful bidder will pay the price of the plot to the government in three to five years.
And, if the bidder will pay the entire amount in a lump sum, he will be given a ten percent discount on the total amount.
The CDA has decided to sell the commercial and residential plots available in its various development sectors to complete its development projects continued in the city.
And for this purpose, CDA Chairman Captain (retd) Muhammad Usman approved the auction of 47 plots which included residential and commercial plots in Park Enclave, Blue Area, and sectors I-9, G-9, and E-11.
He also approved a three days long auction of these plots from January 24 to 26 at the Jinnah Convention Centre in Islamabad.
As per the channel report, a total of eight plots were bid by CDA on the first day of the auction.
It is expected that the CDA will succeed to get more than Rs22.11 billion in the bid for the plot.
Blue Area's plot number 13 was sold for Rs3 million per square yard while plot number 2 was sold for Rs2.634 million per square yard.
The public auction of the remaining residential and commercial plots will be held on January 25 and 26 at Jinnah Convention Center.
The bids received after thorough scrutiny will be placed before the CDA Board which is the competent forum to accept or reject the bids.
It is worth mentioning that the auction is being monitored by an auction committee headed by the CDA member finance. Other members of the committee are Member State, Member Planning and Design, DFA-II, DG Law, Director Public Relations, Director Urban Planning, Director Regional Planning, Director State Management-II, and Director Finance.