CDA auctions 31 residential plots for Rs1.254bn

ISLAMABAD: The Capital Development Authority (CDA) has sold 31 out of 38 residential plots for Rs1.254 billion during its two-day auction.

On the first day Monday, 25 residential plots were sold for Rs1,024 million and on Tuesday, six more plots were auctioned for Rs 230 million.

The auction of commercial plots in different developed sectors of Islamabad will be held on Wednesday and Thursday (April 10-11).

The auction of plots was conducted in a well-organized, open and transparent manner. The auction proceedings were supervised by the auction committee headed by CDA's Member Finance.

The auction witnessed an impressive gathering of investors and general public.

About 82% of the total residential plots put for auction were bid out which was 40 to 45% higher than the previous auction’s results. The enthusiastic response from investors was the outcome of investor-friendly policies of the present CDA management, a CDA press release said.