The auction held on 6th April for a plot in Islamabad, the capital city of Pakistan, was cancelled by the Capital Development Authority (CDA) because of some allegations that the bid was not held properly. It was alleged that the CDA’s Management Wing Officials had set the bids lower than what actually was expected. The officials were alleged to have been bribed by the influential bidders in this regard.
However, this decision of canceling the previous auction paid CDA big time as the CDA earned more than 2 billion rupees instead of about 19 billion in the first one. The reserve price of the plots was also revised. The last was once performing during 2005 and 2006 when Islamabad property prices and the property prices all over the country were showing extremely positive trend. The first plot 56-D was auctioned at Rs. 1.33 billion. The highest bid for this plot remained Rs. 262,000 in the previous auction. However, this time up the plot was auctioned at the highest bid of Rs. 272,000 per square yard.
The second plot also was auctioned at a higher rate of Rs. 272,000 per square yard as compared to the previous Rs. 251,000. Price of the plot differed widely between the two auctions as in the first bid; it was auctioned for Rs. 669 million while this time it was auctioned for Rs. 725 million.
Properties in Pakistan 