CDA to hold 3-day auction of commercial plots in Blue Area

Islamabad: The Capital Development Authority (CDA) has announced an open auction of commercial plots of different sizes and categories in the developed sectors including Islamabad’s Blue Area on March 29 -31 at 10 am, according to an advert published in the national dailies on March 10.

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The said auction will be held at the Jinnah Convention Centre of the federal capital. The interested parties can get details of the properties being auctioned from the brochures available at one-window directorate CDA and specified branches of commercial banks including HBL, UBL, MCB, Bank of Punjab (BoP) and Askari Bank. Also, the brochure can be obtained online from the authority’s official website.

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The authority has also announced several benefits that the prospective investors can avail themselves with this auction:

• If the building plans are approved prior to June 30, the investors can avail Prime Minister Imran Khan’s construction relief package.
• The facilitation team will offer assistance to the investors and provide all possible facilities to them.
• The investors will be obligated to pay 25% of the bid amount as the first instalment in 30 days of bid acceptance.
• The advance tax will be collected on a pro-rata basis.
• After the investors pay their first instalment, they can receive building plan approval and will be allowed to launch after the full payment.
• A discount of 10% is offered to investors who pay in full within 30 days of issuance of the bid acceptance letter.
• There will be ample car parking space for each commercial unit on auction.