ISLAMABAD: The Capital Development Authority (CDA) has announced its plans to conduct an auction of commercial plots in the Blue Area and other developed sectors of the federal capital, starting from Monday, May 29. The primary objectives of this auction are to generate additional revenue for the city and attract investors to participate in the bidding process.
In a statement to the media, a CDA official encouraged interested investors to take part in the auction, which will be held at the Jinnah Convention Centre in Islamabad.
This development is expected to have a significant impact on the commercial real estate market in the capital city.
The official stated that the auction will continue in various sectors of the Islamabad capital territory until May 31, and the schedule for the auction has already been published in various newspapers.
The official highlighted that real estate experts have deemed this auction as a highly favorable investment opportunity for both national and international investors. Participants in the public sale will have the opportunity to acquire commercial plots with legal protection.
The commercial plots available for auction are located in various developed sectors of the federal capital, including centers, agro farms, petrol pumps, the E-11 northern strip, Class-III shopping center, Park Enclave commercial area, and Blue Area E-11/F-11 Canopy side.
The official mentioned that participants who make full payment within 30 days of receiving the bid acceptance letter will be eligible for a 10 percent rebate on the remaining amount.
The official also outlined the protocols set by the CDA for prospective investors participating in the auction. These include the mandatory presence of a facilitation team to assist investors, with 25 percent of the bid amount considered as the first installment, to be paid within thirty days of bid acceptance.
The CDA will collect the advance tax on a pro-rata basis, and charges for site visits and marketing offices are not included. The approval of the building plan will be granted after the submission of the first installment.
The official further mentioned that the CDA auction voucher provides accommodated investors with a one-window directorate for making payments. Investors can also make payments through selected Askari, UBL, HBL, MCB, and Bank of Punjab branches starting from March 25.
The advertisement released by the CDA also contains information about the flexible completion periods for commercial plots, which include 3 years for plots measuring 1,000 yards, 4 years for plots measuring between 1,000 and 3,000 yards, and 5 years for plots measuring above 3,000 yards.
(Islamabad51-Newsdesk)
