Four day land auction event generates PKR 11 billion

Capital Development Authority (CDA) has made a staggering PKR 11.284 billion through its four-day land auction event. PKR 1,204 million was generated on the first day of this four-day long open event. Our sources have reported that this is the largest return for CDA ever recorded as it auctioned off residential and commercial plots in Jinnah Convention Centre, Islamabad.

CDA had auctioned residential plots on the first two days (April 8 and April 9), and commercial plots during the last two days i.e., April 10th and April 11th. During the final day, the civic body had been able to auction off fifteen commercial plots which generated about PKR 6 billion. CDA was successful in auctioning off 23 plots out of the total of 38 commercial plots that were to be auctioned. Resultantly, the generated amount ranged to a total of PKR 10.03 billion from these plots.

On the other hand, on the auction’s first day, CDA had auctioned off all the 25 residential plots that it had put up. The amount generated was PKR 1.024 billion through that. Second day had turned out be slow as the local body auctioned off only six residential plots out of the total of 13 that were put for auction. It has raised only PKR 230 million through that. On the third day, Capital Development Authority had auctioned off eight commercial plots and had generated PKR 4.048 billion.

CDA had held a similar auction event in October last year as well but it had generated only about two-third of what is has made this time around.  Both these auctions together have generated a total of PKR 18.7 billion which happens to be almost half of the entire budget of CDA for this financial year.

Subscribe and stay linked to Ilaan for more updates and news.