Islamabad: The Capital Development Authority (CDA) is holding an auction of plots exclusively for food businesses registered with Pakistan’s Security & Exchange Commission (SECP), according to an advertisement published in the leading newspaper on April 1.
Read: CDA picks up development work in Sector C-15
The auction is scheduled to be held from May 10 to May 13 at Jinnah Convention Centre in Islamabad. The news source mentioned that this auction is first-of-its-kind conducted by the CDA. The authority is offering plots of 1-kanal on Capital Street – which is being styled like the famous City Walk in Dubai and Nizami Street in Baku. It was disclosed that additional space for 1-kanal plot and outdoor dining will also be provided. The plots are reserved for food-related businesses such as coffee shops, café, restaurants, and international food brands.
The CDA brings this exciting opportunity with hopes to attract more investment in the food industry and promote economic growth in the country. National and international food chains with 5 years of relevant experience are eligible to apply. The investors should either be registered with SECP (as Pvt. Ltd Companies) or be regular FBR Tax filers (for sole proprietors & AOPs).
Read: CDA Board to review, approve revised layout plans of housing schemes
As per the advertisement, the investors can enjoy the benefit of extending the lease period at DC rates upon completion, which is set at 33 years. The city managers have made special provisions for prospective investors like taking advance tax on a pro-rata basis and paying a 25% down payment within 30 days after bid acceptance.
Additionally, the authority has formed a support team to assist investors and make the investment process smooth. To streamline the investment process, a special desk for approving building plans within a month will be established. This will speed up the process for investors and ensure timely approval of building plans.
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