Islamabad, January 14 – The Capital Development Authority’s (CDA) latest plot auctions have exceeded 11 billion rupees in sales over the first two days.
The auction, being held at the Gandhara Civic Center in Islamabad, has seen intense bidding interest for prime real estate plots. On day two, the CDA raised 3.3 billion rupees by auctioning a 3,888 square yard apartment plot in Diplomatic Enclave for 860,000 rupees per square yard.
In total, five plots have been successfully auctioned so far, bringing in around 11.141 billion rupees for the cash-strapped CDA. This follows day one sales of 7.79 billion on four plots.
Analysts say the strong response shows demand remains robust for quality housing despite the slowing economy. The CDA has held the auction ahead of schedule to raise urgently needed revenue.
“The excellent sales over the first two days indicate investors still see Islamabad real estate as a solid bet for returns,” said property expert Malik Riaz.
The auctions come as part of the CDA’s efforts to bridge its widening budget deficit and fund stalled development projects. The authority hopes to raise over 15 billion rupees from the auction before it concludes on January 12.
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