ISLAMABAD, Nov 19: Unable to think of a new business idea, the new leadership of the Capital Development Authority (CDA) Monday stuck to the decades-old formula of auctioning land to tide over the CDA’s pressing financial problems.
“Despite depressed real estate prices, the CDA is likely to raise Rs149.82 million from the two-day grand auction of residential and commercial plots,” the civic body announced in a press release after the auction of 10 residential plots on the first day.
It said the auction of the plots located in G-10/2 received good response from the bidders, with the highest bid of Rs51,000 per square yard posted for a 355.5 sq yd plot. Bids for the smaller 272.2 sq yd plots ranged between Rs5,000 and Rs46,500 per sq yd.
Each bidder had to deposit a token sum of Rs1 million to participate in the auction. Continue reading