In this Post
–Latest Updates on New Blue Area
–New Blue Area Islamabad Location
–New Blue Area Islamabad Auction Details
–Property Rates and Price Plans for New Blue Area
–Construction Policy for New Blue Area
–Contact Details for Capital Development Authority
Latest Updates on New Blue Area, Islamabad
Update (Jul 1, 2020): The Capital Development Authority (CDA) has decided to auction commercial plots in the New Blue Area on July 15-17, 2020. The auction was delayed due to the on-going pandemic but now it is finally happening.
As per the latest updates on New Blue Area, Islamabad, the auction will take place at the Jinnah Convention Centre. Investors who will pay the full amount in advance will be privileged to receive a 10% discount. Moreover, the investors will be given a timeline of 30 days for a bid acceptance letter to make payments of their first instalment of 25%.
The revenue generated from the auction event will be invested in the development projects in Islamabad. Details and brochures about the event can also be fetched from the authority’s One-Window Directorate at its head office. They are also available at the designated branches of the Muslim Commercial Bank (MCB), Habib Bank Limited (HBL), Askari Bank, and Bank of Punjab (BoP). Get all the latest updates on New Blue Area, Islamabad, and its auction event on CDA’s official website.
The capital city of Islamabad is a meticulously planned metropolis with a robust infrastructure and well-developed housing societies. Home to many urban open spaces and green belts, Islamabad offers an aesthetically pleasing environment and is often counted among the most beautiful and safest cities in the world. Since it is also the administrative centre of the country, Islamabad has always remained a central point of business activities in the region, which is why it hosts localities like Blue Area, which is one of the country’s most prominent commercial hubs. Recently, the authorities have rolled out a grand-scale real estate development according to which, the boundaries of this business centre will be further extended. Inaugurated by the Prime Minister, the name of this newly launched project is ‘New Blue Area Islamabad.’
So, let’s find out more about this up-and-coming commercial zone and how it is going to impact the real estate value of the region.
New Blue Area Commercial City – Project Overview
Proposed by the Capital Development Authority (CDS), the plan of the ‘New Blue Area’ project has been approved and launched by Prime Minister Imran Khan on March 1, 2020. According to him, the project will result in the creation of new job opportunities as well as increased economic activities and inflow of investments in the city.
Elaborating on the subject in a tweet, he further said, “Launching the Islamabad Blue Area multi-billion rupees commercial project today. This will not only provide jobs but will also attract investment from overseas Pakistanis. One mega project to be launched in Lahore and one in Karachi soon.”
According to Imran Khan, the revenue generated from the project as a result of the incoming investments will be rightfully invested in the government’s Naya Pakistan Housing Programme (NPHP), which is the government’s low-cost housing scheme. “A portion (of rolled in investments from New Blue Area Islamabad) will also be utilised for construction of low-cost housing, particularly for provision of dignified accommodation to residents of approved katchi abadis (squatter settlements) through Naya Pakistan Housing and Development Authority,” Imran Khan stated in an interview to Radio Pakistan.
On a side note, you can also check out our blog on Naya Pakistan Housing Programme to get to know all about the scheme itself and its scope in the real estate industry.
As per the latest updates on New Blue Area Islamabad, CDA has allocated around 170 kanal for the construction of commercial properties in one of the city’s poshest localities. An open auction is soon to be conducted through which all these new commercial plots will be sold to the investors and developers. An amount of PKR 30 million is expected to be generated as a result of this property auction.
New Blue Area Islamabad Location
The planned location for the extension project of Islamabad’s Blue Area is a serene locality, right opposite to the city’s F-9 Park. However, the exact location of the project is yet to be confirmed by the authorities. This grand-scale development is expected to bring with it a plethora of lucrative property investment opportunities in Islamabad.
Other popular neighbourhoods surrounding the location of Islamabad’s New Blue Area include F-8, G-7, and G-8 Sectors of the capital. Centaurus Mall, which is one of the most popular malls in Islamabad, greatly adds to the real estate significance of the area.
New Blue Area Islamabad Auction Details
According to the latest updates on New Blue Area Islamabad, the auction dates for the project have been announced. The venue for the auction is Jinnah Convention Centre, where the bidding process for the commercial plots of New Blue Area will begin from 10:00 am onward on three consecutive days: April 14, 15 and 16. In the initial phase of the auction, around 24 commercial plots will be available to the bidders for the New Blue Area project.
However, if you want to take part in the auction, you will be able to take help from official brochures by the CDA available at certain bank branches of Askari Bank, HBL Bank, MCB Bank, and Bank of Punjab from March 5, 2020. A team of CDA officials will be assigned with a task to assist the interested bidders during the auction.
Property Rates and Price Plans for New Blue Area
As of now, the minimum bid price of properties, which will soon be available in the commercial city of New Blue Area, are yet to be disclosed by its stakeholders. Since it is planned location makes it fall within the heart of the city, adjacent to Jinnah Avenue, the commercial zone is expected to be offered with steep property rates. However, the rest of the story will be unfolded after the auction.
Keeping in view CDA’s latest guidelines, the payment schedule is expected to be based on four installments, each of which will be 25% of the total value. A time span of 30 days will be given for the payment of the first instalment once the Bid Acceptance Letter is received, while the rest of the payments will be made according to a specified schedule. A key thing to bear in mind in this regard is that if you pay full upfront, you will be offered an exclusive discount of 10% on the total bid value by CDA upon full upfront payment.
Construction Policy for New Blue Area (Things to Remember)
The CDA has recently rolled out a construction policy for the commercial zones in the capital, which will also be applied to the constructions taking place under the Islamabad’s Blue Area extension project. Let’s take a quick look at some of the key pointers in this regard:
- After the payment of the first instalment, architectural plans of buildings can be submitted for approval.
- Construction activities will only be permissible once the full payment has been made.
- You can have a 100% covered area on your plot if it’s up to 1000 square yards.
- For plots bigger than 1000 square yards, the construction can include 70% to 75% of the total land in ground coverage.
- Limiting the covered area for each plot means there will be ample public parking space around each property. This will be a necessary requirement for a busy commercial hub like Blue Area.
- The area is going to be divided into different commercial plots varying in size ranging from 600 square yards (1.2 kanal) to 1000 square yards (20 kanal).
- Around 5% of the revenue generated from the auction will be spent on the developments of the amenities in Islamabad’s Blue Area extension project.
- The location of the New Blue Area Islamabad Commercial City will be suitable for the construction of residential apartments, food arenas, hotels, shopping malls, offices, banks, and refueling stations including CNG and petrol pumps.
Contact Details for Capital Development Authority
For further details regarding the extension project of Islamabad’s Blue Area and its upcoming auction, you can use the below-given contact details to get in touch with the concerned CDA officials.
Office of the Director Estate Management-II (CDA)
Phone: (051) 9252481
Address: G-7/4, Khayaban-e-Suharwardy, Islamabad
Now that we have given you a complete overview of Islamabad’s Blue Area extension project, it’s time for us to wrap up this blog. Let us know if you have any further questions or feedback related to the above-discussed project by sending out an email to us at blog@zameen.com. We’d be glad to hear from you.
On a side note, you might also want to check out our annual review of Islamabad’s property market for 2019. We’ve also done a piece on the latest infrastructure developments in Islamabad Capital Territory. To explore more property investment opportunities in Islamabad, you can also take a look at our area guides section for the capital city.
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