This Blue Area plot is Islamabad's second most expensive piece of land

ISLAMABAD: An over 5,000 square yards plot fetched over Rs8 billion in Islamabad’s Blue Area making it the second most expensive land in the federal capital, reported The News.

The land was purchased during the three-day auction of commercial plots which began on Tuesday despite the transfer of Capital Development Authority (CDA) chairman a day earlier.

At least eight commercial plots were put up for auction and fetched a total amount of Rs22.11 billion. A single plot measuring 5,952 square yards in Blue Area fetched Rs8.54 billion.

The last CDA auction was held in 2021 and nearly two years later this auction has been held in 2023. 

The development authority had survived for nearly two years without selling government lands. These two years also created demand in the market. Moreover, due to slow pace of development in private housing, and the fact that no new private project has been launched, investor appetite was available for CDA plots.

The CDA’s auction committee headed by Member Estate Afnan Alam Khan received the highest bid of Rs1.435 million per square yards from Mari Petroleum for a total amount of Rs8.54 billion for plot number 62 in the old Blue Area. However, it fell a little short of the highest-ever price of Rs8.79 billion for a single plot auction held in August 2021.

Meanwhile, plots number 13 and 2 both in Blue Area measuring 611 square yards each received the highest bids of Rs30.01 lac and Rs26.35 lac per sq yard, fetching Rs1.83 billion and Rs1.60 billion respectively.

During today's auction, the committee would offer two lucrative plots measuring 9,600 square yards and 4,511 square yards in Blue Area. A CDA official said that all the highest bids are subject to approval by the CDA board.