ISLAMABAD: The Capital Development Authority (CDA) intends to introduce 10 additional residential sectors and auction 200 plots in Sector C-14 to boost its revenue in Islamabad.
Although the CDA chief previously announced a halt to the auction of prime commercial plots, preparations are now in progress to auction over 35 CDA-owned commercial plots in Blue Area and other prime commercial hubs.
As per a report by private newspaper, brochures are being prepared for the auction of 200 plots in Sector C-14, each measuring one kanal. The proposed price for each plot is set between Rs 50 and 60 million. Interested buyers must deposit 25% of the total cost with their applications, which will be refunded if the plot is unavailable.
The auction will be conducted by lot. Approximately 70 percent of the development work in Sector C-14 has reportedly been completed, with ongoing work on the sewerage system.
Successful bidders will be required to pay the full amount to CDA in equal installments over two years. CDA plans to invite applications for these plots later this month.
Reports further indicate that 10 additional sectors will be initiated by the next financial year. After allotting plots to the landowners in exchange for the acquired land, the remaining plots will be auctioned to the public.
The open poll will be conducted at the CDA headquarters in the presence of applicants, including NADRA, to ensure transparency. The new Islamabad sectors include C-13, C-14, C-15, C-16, I-12, E-12, D-13, D-14, F-13, and E-13.
The primary objective of auctioning the remaining plots after fulfilling the land acquisition agreements is to provide housing facilities to the public while maximizing revenue for the CDA.
Current CDA administration urgently requires funds for over 10 development projects and is making efforts to attract Chinese investment.
Last week, the CDA Chairman visited China to discuss and initiate development projects in collaboration with China Investment Corporation (CIC). In support of this effort, Prime Minister Shehbaz Sharif also held meetings with Chinese investors.
