ISLAMABAD: According to The News, an over 5,000-square-yard plot in Islamabad's Blue Area sold for over Rs8 billion, making it the second-most expensive land in the federal capital. Despite the Capital Development Authority (CDA) chairman's transfer a day earlier, the land was bought during the three-day commercial plot auction that started on Tuesday. A total of eight commercial plots that were put up for sale brought in Rs22.11 billion. Blue Area's lone 5,952 square yard plot sold for Rs8.54 billion. The most recent CDA sale took place in 2021, and this one is being held in 2023, almost two years later. Without selling any public lands, the development authority had been able to subsist for over two years. The market saw an increase in demand throughout these two years. Additionally, investor interest in CDA plots was present due to the sluggish rate of private house building and the absence of any new private projects. Plot 62 in the former Blue Area was sold at the highest price of Rs1.435 million per square yard by Mari Petroleum to the CDA's auction committee, which is led by Member Estate Afnan Alam Khan. It was not quite as high as the highest price ever, which was Rs8.79 billion for a single plot sale in August 2021. Plots 13 and 2, both in Blue Area and measuring 611 square yards, attracted the highest bids of Rs. 30,01,500 and Rs. 26,35,000 per square yard, respectively, yielding Rs. 1,83,007,000 and Rs. 1,60,007,000. The committee will put up for sale today two valuable plots in Blue Area that are respectively 9,600 square yards and 4,511 square yards in size. According to a CDA representative, the CDA board must approve each of the top offers.
ISLAMABAD: According to The News, an over 5,000-square-yard plot in Islamabad’s Blue Area sold for over Rs8 billion, making it the second-most expensive land in the federal capital.
Despite the Capital Development Authority (CDA) chairman’s transfer a day earlier, the land was bought during the three-day commercial plot auction that started on Tuesday.
A total of eight commercial plots that were put up for sale brought in Rs22.11 billion. Blue Area’s lone 5,952 square yard plot sold for Rs8.54 billion.
The most recent CDA sale took place in 2021, and this one is being held in 2023, almost two years later.
Without selling any public lands, the development authority had been able to subsist for over two years. The market saw an increase in demand throughout these two years. Additionally, investor interest in CDA plots was present due to the sluggish rate of private house building and the absence of any new private projects.
Plot 62 in the former Blue Area was sold at the highest price of Rs1.435 million per square yard by Mari Petroleum to the CDA’s auction committee, which is led by Member Estate Afnan Alam Khan. It was not quite as high as the highest price ever, which was Rs8.79 billion for a single plot sale in August 2021.
Plots 13 and 2, both in Blue Area and measuring 611 square yards, attracted the highest bids of Rs. 30,01,500 and Rs. 26,35,000 per square yard, respectively, yielding Rs. 1,83,007,000 and Rs. 1,60,007,000.
The committee will put up for sale today two valuable plots in Blue Area that are respectively 9,600 square yards and 4,511 square yards in size. According to a CDA representative, the CDA board must approve each of the top offers.
