Captain (r) Muhammad Usman Younis, a former CDA Chairman, and Chief Commissioner, asserts that the CDA successfully auctioned off the most expensive land in its history.
According to Usman’s tweet, the CDA received Rs. 8.54 billion from the sale.
Usman praised the CDA, stating that the agency was able to collect Rs. 11.95 billion by selling four properties at auction.
CDA just auctioned Islamabad’s most expensive plot in its history with price of more than 8.54 billion. Total 4 plots sold so far for an amount of 11 Billion 95 Crores. Keep it up team CDA.
— Muhammad Usman Younis (@CaptainUsman) January 24, 2023
A 5,000-square-yard property in Islamabad’s Blue Area sold for more than Rs8 billion, making it the federal capital’s second most costly land.
Despite the fact that the Capital Development Authority (CDA) chairman had been transferred the day before, the property was purchased at the three-day commercial plot auction that began on Tuesday.
A total of eight commercial plots were sold for a total of Rs22.11 billion.
The lone 5,952 square yard parcel in Blue Area sold for Rs8.54 billion.
The most recent CDA auction was in 2021, and this one will take place over two years later, in 2023.
The development authority had been able to survive for nearly two years without selling any public lands.
Throughout these two years:
The market observed an increase in demand.
Furthermore, investor interest in CDA plots was existent owing to the slow pace of private home construction and the lack of any new private projects.
Mari Petroleum
Additionally, Mari Petroleum sold Plot 62 in the former Blue Area for the highest price of Rs1.435 million per square yard to the CDA’s auction committee, which is directed by Member Estate Afnan Alam Khan.
It was not quite as high as the highest price ever paid for a single plot auction in August 2021, which was Rs 8.79 billion.
Plots 13 and 2, both in Blue Area and measuring 611 square yards, drew the highest bids of Rs. 30,01,500 and Rs. 26,35,000 per square yard, producing Rs. 1,83,007,000 and Rs. 1,60,007,000, respectively.
The committee will list for sale today two outstanding plots in Blue Area, each measuring 9,600 square yards and 4,511 square yards.
According to a CDA spokesman:
Each of the top proposals must be approved by the CDA board.
Pavan Manzoor is an experienced content writer , editor and social media handler along with a track record of youth-oriented activities in Pakistan and abroad. She was selected as a fully-funded delegate as a leadership fellow in Turkey. She also led a team of 5 volunteers at the week-long Young Professionals Fellowship in Maldives. She is also a member of the Youth Standing Committee on Higher Education.
