ISLAMABAD: The Capital Development Authority (CDA) has announced plans to hold a plots auction in January 2024, aiming to alleviate financial constraints faced by the authority.
Scheduled from January 10th to 12th at Gandhara Hall within F9 Park, the auction will encompass plots situated in Blue Area, Centers, and Park Road areas.
Diverse properties like petrol pumps, Class Three shopping centers, agro farms, apartment plots, fruit and vegetable shops, IT centers, and hostel plots are listed for auction.
To support this initiative, CDA highlights the requirement of collecting 25 percent of the bid amount within a month. For payments made in dollars, a 5 percent discount will be offered.
A significant 10 percent discount will be applicable for full payments within a month of bid acceptance. Additionally, construction plan approvals will be granted upon the initial installment payment.
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In recent months, the Capital Development Authority has faced financial challenges, leading to a halt in new developmental projects due to budget constraints. The financial crisis has directly impacted payments to contractors, causing delays.
However, the decision to auction plots not only aims to address the budget shortfall but also stands as a potential driver for economic revival. Encouraging prompt payments, the CDA aims to promptly initiate construction projects on the auctioned plots.