Islamabad: The Capital Development Authority (CDA) on Tuesday (December 28) approved the proposal of auctioning off 58 commercial and residential plots during a 3-day event to be held on January 24, 25 and 26 at Jinnah Convention Centre, according to news sources.
The CDA board meeting, held under the chair of Captain (retired) Muhammad Usman Younis, approved the auction plan that includes 12 residential plots located in Park Enclave I and II. It was reported that the authority aims to generate funds from the auction to ensure the uninterrupted execution of ongoing mega-development projects (Bhara Kahu bypass, Margalla Road, Expansion of Expressway and IJP road etc). From the three-day auction, CDA expects to fetch funds amounting to PKR 20 billion or so.
As an incentive for investors, the CDA has enhanced the specified time limit for the construction of structures on plots of larger sizes. Previously, there was a three-year limit for construction on plots of all sizes. This time, however, the CDA plans to give a three-year window for the construction of structures on plots spanning up to 1,000 sq yds and a four-year window for plots ranging from 1,001 to 3,000 sq ft and a five-year time limit for plots sized over 3,001 sq yds.
Additionally, the CDA board also approved a 5% rebate for Overseas Pakistanis, who will be obligated to make payments through ‘foreign remittance/official banking channels with proof within 30 days of the provisional bid acceptance letter’. As per a CDA director, this development will facilitate a much-needed inflow of foreign investment to boost exchange reserves.
In addition to residential plots in Park Enclave, the auction will also feature commercial plots located in various parts of Islamabad, including Blue Area and Sector I-8. Some of the plots on auction will be purposed for schools and hospitals as well. Additionally, five commercial plots located on the northern strip of Sector E-11 will also be auctioned off.
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.
