Islamabad: The Capital Development Authority (CDA) on Sunday notified its receipt of over PKR 7 billion from the New Blue Area plots it had auctioned off in July, a news source reported. The officials revealed that the authority had collected the amount ahead of the expiry of its communicated deadline.
According to the details shared, CDA conducted the New Blue Area plots auction in July and it expected a total recovery of PKR 7 billion. However, sources revealed that the authority was successful in recovering the same amount within just the payments of the first instalment. They added that it shows the investors trust in the civic agency and the government’s policies for the construction sector.
CDA officials said that two developer who participated in the New Blue Area plots auction had made their payments in full. They added that development work for providing services in New Blue Area would begin from next week onwards. The construction of the grid station had reached completion and work on one pedestrian crossing had begun, they said.
The CDA stated that the funds generated via this auction would be invested in the uplift of the city – with planning and initial works in this regard already underway.