ISLAMABAD : The Capital Development Authority (CDA) is gearing up to hold an auction for commercial plots in the prestigious Blue Area and other developed sectors of the federal capital, commencing on May 29.
The objective behind this auction is to boost the city’s revenue and attract potential investors to participate in this lucrative opportunity.
Renowned Venue and Anticipated Impact :
In a conversation with the Associated Press of Pakistan (APP), a senior official from the authority emphasized the importance of interested investors actively engaging in the auction, which will take place at the renowned Jinnah Convention Centre in Islamabad. This development is expected to significantly impact the commercial real estate market in the capital city.
Wide Range of Plots and Maximum Participation :
The official further revealed that the auction will span across various sectors of the Islamabad capital territory until May 31. The authority has already disseminated the auction schedule of different plots through various newspapers to ensure maximum participation.
Exceptional Investment Opportunity for Domestic and International Investors :
Real estate experts have identified this auction as an exceptional investment opportunity, extending its appeal to both domestic and international investors. Those participating in the public sale will have the privilege of owning commercial plots with legal protection.
Prime Locations and Diverse Offerings :
The commercial plots available for auction are located in the developed sectors of the federal capital, including diverse centers, agro farms, petrol pumps, E-11 northern strip, Class-III shopping center, Park Enclave commercial area, and Blue Area E-11/F-11, Canopy side, as stated by the official.
Favorable Payment Terms and Protocols :
Regarding the payment terms, the official specified that a 10 percent rebate on the remaining amount will be granted to the winning bidders who submit full payment within 30 days of receiving the bid acceptance letter.
Furthermore, the authority has issued a list of protocols, outlined in the auction voucher, for prospective investors.
These protocols mandate the presence of a facilitation team to assist investors, with 25 percent of the bid amount considered the first installment. The first installment must be submitted within thirty days of bid acceptance.
Additionally, the CDA will collect the advance tax on a pro-rata basis, excluding site and marketing office charges. The approval of building plans will be granted after the submission of the first installment.
Convenient Payment Options and Accommodated Investors :
The official further informed that the CDA auction voucher provides accommodated investors with a one-window directorate to facilitate their payments. Investors can also make payments through designated branches of Askari, UBL, HBL, MCB, and Bank of Punjab starting from March 25 onwards.
Flexible Completion Periods for Commercial Plots :
The CDA’s advertisement also includes information about the flexible completion periods for commercial plots. Plots with an area of 1,000 yards have a completion period of 3 years, while plots ranging from 1,000 to 3,000 yards have a completion period of 4 years. Plots above 3,000 yards have a completion period of 5 years.