Update (October 23, 2019): As per a news story published in Daily Times, ‘The Capital Development Authority (CDA) successfully auctioned 20 residential plots worth PKR 696 million approximately. During the first day of auction of residential plots, plot No. 237, Street No.19 of sector G-10/2 measuring 233.33 sq yd received bid of PKR 120,000 per sq yd, plot No. 238, Street No.19, Sector G-10/2 measuring 233.33 sq yd received bid of PKR 112,000 per sq yd and plot No. 239, Street No.19, Sector G-10/2 measuring 233.33 sq yd received bid of PKR 111,000 per sq yd.’
The Capital Development Authority (CDA) has announced an open auction in some of the most developed sectors of Islamabad. It will be held in Jinnah Convention Centre, Islamabad on October 22, at 10 AM. This is the perfect opportunity to invest in plots in the federal capital. The areas in question mainly include G-10, F-10, F-11 and D-12. In this blog, we will discuss everything about CDA’s auction of residential plots in Islamabad as well as provide you an idea of the options that are available.
Let’s get started with the eligibility criteria.
Auction of residential plots in Islamabad: Eligibility criteria
- The auction held by the CDA is open to all Pakistani nationals, whether they are residing in Pakistan or living abroad. Even those companies and firms that are registered in Pakistan under the relevant laws can also take part in the auction. If you are a foreign national or company, then you can participate in the auction but only by taking permission from the Ministry of Interior, Government of Pakistan.
- The white token is of PKR 1 million for residential plots up to 300 sq yd and a green one of PKR 2 million, which is meant for residential plots that are above 300 sq yd.
- Those who are participating in CDA’s auction are required to obtain these tokens by providing a pay order of PKR 1 and 2 million for residential plots at the following address: Accounts Officer (Estate Management-I), CDA Main Office, Khayaban-e-Suhrawardy, G-7/4, Islamabad.
- Tokens can be purchased at the auction venue and also can be purchased before the start of CDA’s auction.
- Tokens that are used in successful bids will be adjusted in the first installment and therefore the token holder won’t be able to use it in subsequent bids. All other tokens can be used for subsequent bidding or can also be refunded.
- The successful bidders would need to obtain an additional token to participate in the bid of any other plot. The token shall be submitted on the original form.
- In case you are participating in the bidding on behalf of someone who is not present at the auction, then you need to submit a special power of attorney, at the time of purchase.
How will the auction take place?
The CDA’s auction shall be conducted through an open bidding process. The bid will be offered in terms of rupees per sq yd, which will be the basis to calculate the total premium of the plot. Each bid will be raised by the bidders in the multiples of PKR 1000/- per sq yd. The starting price will be given for each plot at the time of the auction. The bids will be announced in a loud and clear voice so that everyone can hear it.
Requirements of documents for issuance of token
The following documents are required in order to receive a token:
- Application for Token
- Bank draft/pay order of PKR 1 and 2 million for residential plots
- Attested photocopy of Computerized National Identity Card (C.N.I.C.)
If you are applying on behalf of someone then the following documents are required
- Application for token
- Bank draft/pay order
- Special power of attorney form
- Attested photocopies of C.N.I.C. of the applicant and the attorney.
What will happen if you become a successful bidder?
As per the CDA’s board’s decision, it will be communicated through a ‘Bid Acceptance Letter.’ The token money of the successful bidder will be adjusted first and then a 40% deposit of the total premium must be submitted along with the proof that you have paid all government and other applicable taxes. This must be submitted within seven working days after the issuance of the Bid Acceptance Letter. If you fail to submit it and the period expires, then the bid will be automatically cancelled and the token money shall be forfeited.
For successful bidders, 60% of the remaining premium shall be payable in two quarterly installments as mentioned below:
- 1st Installment (30% of the premium) within 3 months of issuance of Bid Acceptance Letter
- 2nd installment (30% of the premium) within 6 months of issuance of Bid Acceptance Letter
Once the payment is received and the due taxes are paid, an allotment letter will be issued. Upon the issuance of the allotment letter, the allottee will be required to take over the possession of the plot within 30 days. If you fail to take possession in the stipulated time it will be considered that the possession has been taken over.
Let us take a closer look at these popular areas in the capital city where plots in Islamabad are available for auction.
Properties in F-10, Islamabad
F-10 is one of the most popular and in-demand housing areas of the capital city. There are markets, schools, colleges, mosques, hospitals and diagnostic centres in the housing society. People prefer investing in land in F-10 because of the numerous amenities that are easily accessible. The properties in F-10 Islamabad have varied prices. Let us take a closer look. If you are planning to invest in residential plots in F-10 then the prices range from PKR 6 crore to PKR 12 crore. If you are looking to buy a house in the posh locality of F-10 Islamabad then keep in mind that the prices will vary between PKR 1.25 crore to PKR 21 crore. A 1 kanal house can be bought anywhere between PKR 6.25 crore to PKR 9 crore.
Properties in G-10, Islamabad
A project of the Federal Government Employees Housing Foundation, G-10 has been categorized into different sectors. It is located near Kashmir Highway and near New Islamabad International Airport. It has several parks, mosques, schools and healthcare facilities. NADRA’s regional head office is also located in G-10. Its prime location and various facilities are the reason why it is a popular choice among people. There are many property options in G-10 Islamabad. You can find various 10 marla plots for sale in G-10 with prices varying between PKR 2.25 crore and PKR 3.2 crore. If you are looking for a ready-to-move-in house in sector G-10 then you can buy it in a price range of PKR 1.85 crore to PKR 7 crore.
Properties in D-12, Islamabad
Lying adjacent to Margalla Hills, sector D-12 is one of the oldest residential areas in Islamabad. It is a project by the Capital Development Authority and has a central commercial area named the D-12 markaz. Residents have easy access to numerous amenities like schools, colleges, universities, hospitals, clinics and entertainment venues. There are plots up for sale in D-12 within the PKR 84 lakh to PKR 7 crore range. If you are looking to buy a house in sector D-12, then you need to have a (rather big) budget of PKR 1.5 crore to PKR 10 crore.
Properties in F-11, Islamabad
One of the most well-planned residential areas in the federal capital, F-11 has neatly packed sectors. There are educational institutions and family parks in the area. Tehzeeb Bakers, Raja Market and Mall of Islamabad are some of the popular places in F-11, Islamabad. Because of the amenities available so close by, the properties in F-11 Islamabad are quite in-demand. Let us take a closer look. Interested in investing in a plot in F-11 Islamabad? The prices range from PKR 1.3 crore to PKR 11 crore. A house in F-11 Islamabad can be bought in PKR 3.1 crore to PKR 16 crore.
So, this was the latest information on CDA’s auction of residential plots in Islamabad. We have also shared with you different property options available in sectors F-10, F-11, G-10 and D-12 Islamabad, which can help you make an informed decision.
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