The Capital Development Authority (CDA) on Wednesday received a response significantly above the realistic expectations of city managers from its commercial plot auction.
On the first day of auctioning, the authority received bids worth Rs2.68 billion for six commercial plots presented for bidding on Wednesday.
The two-day auction, which concludes on Thursday (today), features a total of 43 commercial plots.
The highest overall bid received was Rs788,000 per square yard for an 837.77 square yard plot in F-7 Markaz.
Meanwhile, a 1,333.33 square yard plot in Blue Area fetched a bid of Rs625,000 per square yard. During the last land auction, a similar plot in Blue Area only earned a maximum bid of Rs420,000 per square yard.
“The auction committee received overwhelming response. By bidding on higher side, genuine investors also showed their confidence in the CDA,” said CDA spokesperson Asim Khichi, who is also a member of the auction committee.
