ISLAMABAD ( WNAM REPORT ): Capital Development Authority (CDA) raised a record Rs. 17.14 billion on the first day of its three-day open auction of commercial plots at the Jinnah Convention Centre on Tuesday.
Chairman CDA and Chief Commissioner Islamabad, Muhammad Ali Randhawa, personally oversaw the auction proceedings, ensuring transparency and fairness.
The auction, which runs from July 15 to 17, marks a significant milestone for the authority, with six high-value plots sold on the opening day alone.
The standout sale of the day was Plot No. 13 in Blue Area (G-8), which fetched approximately Rs. 7.24 billion. Plot No. 14 in the same area was auctioned for Rs. 4.16 billion, while Plot No. 12 garnered Rs. 3.60 billion.
In Sector I-14, Plot No. 3-A was sold for nearly Rs. 749 million, Plot No. 3B for Rs. 709 million, and Plot No. 10A for Rs. 669 million.
CDA officials noted that the total revenue generated on the first day exceeded the reserve prices by 33%—a clear sign of market enthusiasm.
The auction was closely monitored by senior CDA officials, including Member Estate Talat Mahmood, Member Finance Tahir Naeem, Member Engineering Syed Nafasat Raza, and Member Planning Dr. Khalid Hafiz.
A special committee led by Member Finance and comprising the DG Resource, DG Building Control, DG Law, and others was also formed to ensure transparency.
“This is a historic achievement,” said CDA Chairman Randhawa while addressing participants. “The strong participation of investors shows the trust they place in CDA’s policies. We have worked day and night to bring Islamabad to this point, and we are just getting started.”
Randhawa emphasized that all auction activities followed strict merit-based procedures, with a strong focus on public interest. “Every rupee raised through this auction will go back into the city—for development, beautification, and better public services,” he said.
CDA has introduced several incentives to encourage greater investment.
Buyers making lump-sum payments within one month will receive a 5% rebate, with an additional 5% rebate offered for payments made in US dollars.
To support investors, CDA organized an Investment Expo alongside the auction, where various departments—including Environment, Planning & Resource, MCI, and Sports & Culture—set up information booths.
A dedicated facilitation team was also deployed to assist investors throughout the process.
Chairman Randhawa announced that new residential sectors are in the pipeline to address Islamabad’s housing demand.
He also reiterated CDA’s commitment to modernizing city services in line with Prime Minister Shehbaz Sharif’s digital vision.
“CDA is moving toward a digital, paperless, and cashless future,” Randhawa said, highlighting plans to promote digital streamers and smart screens across the capital.
The event drew wide participation from the business community, including representatives from the Islamabad Chamber of Commerce, Pakistan Stock Exchange, traders, civil society, and media.
The Chairman expressed special thanks to journalists from the National Press Club for their real-time coverage.
The auction will continue on July 16 and 17, offering a total of 46 plots and commercial units from key locations such as Blue Area and other commercial centers.
