CDA To Auction Commercial Plots To Attract Investors

News Desk

Islamabad: The Capital Development Authority (CDA) is all set to auction commercial plots in Blue Area and other developed sectors of the federal capital, beginning on May 29, aiming to generate more revenue for the city and attract investors to participate in the auction.

An official in the authority urged potential investors to take part in the auction, which would be held at Islamabad’s Jinnah Convention Centre. The construction is anticipated to have a major impact on the capital city’s commercial real estate sector.

He added that the administration has already made the auction schedule for various plots public by advertising it in different newspapers, and that the auction will continue in various parts of the Islamabad capital territory till May 31.

According to the official, it has been declared a must-have investment opportunity for investors both domestically and abroad by real estate specialists. Commercial plots can be owned by investors in the public sale with ‘legal protection’.

The details about the commercial plots located in the developed sectors of the federal capital included various centres, agro farms, petrol pumps, the E-11 northern strip, a Class-III shopping centre, Park Enclave commercial, and Blue Area E-11/F-11, Canopy side, he added.

The official said that whoever submits full payment within 30 days of the bid acceptance letter will be offered a 10 percent rebate on the remaining amount.

He said the list of protocols announced by the authority in the auction voucher for prospective investors included that a facilitation team’s presence is mandatory for the assistance of investors, a 25 percent amount of the bid amount would be considered the first instalment, the first instalment should be submitted within thirty days of bid acceptance, CDA would collect the advance tax on a pro-rata basis, site and marketing office charges would not be included, and the building plan would be approved after the submission of the first instalment centres.

The official said the CDA auction voucher allowed investors with a one-window directorate to make their payments. The investors can also pay through selected Askari, UBL, HBL, MCB, and Bank of Punjab branches from March 25 onwards.

The official said the CDA advertisement also included details about the flexible completion period for commercial plots, which included 3 years for 1,000 yards, 4 years for 1,000 to 3,000 yards, and 5 years above 3,000 yards.