The Capital Development Authority (CDA) raised billions of rupees on the first day of its three-day plot auction being held at Gandhara Hall, F-9 Park in Islamabad.
On the opening day, 11 commercial plots were put up for auction, out of which the CDA was able to sell 4 plots only.
The highest bid of Rs 4.53 billion was made for Plot No. 9 located in Sector G-8 of the Blue Area measuring 2666.66 square yards. Another 800 square yard plot in I-8 Markaz was sold for Rs 1.46 billion.
In addition, two other plots measuring 533.33 square yards in I-14 Markaz and 666.66 square yards in I-8 Markaz were auctioned for Rs 1.49 billion and Rs 0.653 billion respectively.
The auction will continue until January 12th with 24 more commercial plots in prime locations still up for grabs.
Despite generating close to Rs 8 billion on day one, some feel the bids could have been higher if the auction was held a month after the general elections.
It may be recalled that in October last year, CDA had raised only Rs 12.9 billion against its target of Rs 20 billion through the auction of 25 commercial and residential plots.