Islamabad: The Capital Development Authority (CDA) will hold a three-day open auction of over 47 residential and commercial properties tomorrow (January 24), news sources reported.
Read: CDA to allow skyscrapers of up to 1,000 ft in Blue Area
The open auction will be held in Jinnah Convention Center (JCC) Islamabad with the proceedings expected to start at 10 AM onwards. As per the sources, the event will auction 47 plots located in various zones and commercial areas of the city. The plots include residential properties, land demarcated for parking plazas, poultry farm land and orchards. The property experts have predicted that the authority will fetch over PKR 20 billion.
Read: CDA conducts ballot of Sector C plots
The authority has claimed that the terms of the building on the plots are designed to make them investor-friendly, with 100% coverage allowed for plots under 1,000 square yards and 70-75% coverage for larger plots, with a flexible number of stories. The construction timeline for larger plots has also been increased from 3 to 5 years. The open auction, which starts tomorrow, will include 3 plots of 6,000 and 9,600 square yards in the old Blue Area and a plot of 4,500 square yards in the extended Blue Area.
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