Islamabad: The Capital Development Authority (CDA) on Monday announced its decision to auction commercial plots in the New Blue Area between July 15-17 – under Prime Minister (PM) Imran Khan’s stated ‘Naya Pakistan’ vision, according to news sources. These commercial plots are located in the Central Business District and their sizes range from 600 sq ft to 10,000 sq ft.
The auction was delayed due to the outbreak of the coronavirus in Pakistan. CDA Director Public Relations Mazhar Hussain revealed that the auction will be held at Jinnah Convention Centre – under the slogan of ‘Blue Area, New Vision’ to provide a unique opportunity for businesses and investors to become a part of the newly-developed business hub of Islamabad.
Moreover, the CDA will offer special incentives to the prospective bidders which include a dedicated team tasked with facilitation of investors through every step. Additionally, the investors will be given 30 days of bid acceptance letter for payment of the first instalment of 25%. The investors will be given a building plan approval facility after the first instalment and they can start construction on full payment.
Investors who pay the full amount in advance will receive a 10% discount and the advance income tax will be collected on pro-rata basis. For plots less than 1000 sq yds, 100% coverage will be offered while 70-75% coverage is offered for the plots spanning over 1000 sq yds. Each plot shall have all-round circulation strip. The plots come with ample parking space and application of reformed building bylaws.
The income generated from this auction will be utilised to fund development projects in Islamabad. Further details of the auction are available on the CDA’s website. Additionally, details and brochures are available at the authority’s One-Window Directorate and designated branches of the Muslim Commercial Bank (MCB), Askari Bank, Habib Bank Limited (HBL) and Bank of Punjab (BoP).
Hazafa reveres the art of writing and has been turned into a property enthusiast by profession. Her daily survival kit includes; tea, coffee, keyboard and paperbacks.
