The Capital Development Authority (CDA) plans to auction more commercial plots in several developed sectors of the federal capital starting on May 3. The objective is to generate more revenue for the city and attract investors to participate in the auction.
CDA officials have urged interested investors to participate in the auction, which will take place at the Jinnah Convention Centre in Islamabad. The auction is expected to significantly impact the commercial estate market in the capital city.
The CDA has already publicized the auction schedule of various plots in different newspapers. The auction in various sectors of the Islamabad capital territory will continue until May 5.
Real estate experts have termed this as a must-avail investment opportunity for investors nationwide and overseas, according to the officials.
The commercial plots located in the developed sectors of the federal capital include various centers, agro farms, petrol pumps, E-11 northern strip, Class-III shopping center, Park Enclave commercial, and Blue Area E-11/F-11, Canopy side, the officials added.
Whoever submits full payment within 30 days of the bid acceptance letter will be offered a 10 percent rebate on the remaining amount, officials said.
The authority announced a list of protocols in the auction voucher for prospective investors. The protocols include the mandatory presence of a facilitation team to assist investors, the first installment of 25% of the bid amount, submission of the first installment within 30 days of bid acceptance, and collection of advance tax on a pro-rata basis by CDA.
Site and marketing office charges are not included, and building plan approval will be granted after the submission of the first installment centers.
According to the officials, the CDA auction voucher provides accommodated investors with a one-window directorate to make payments. Investors can also pay through selected Askari, UBL, HBL, MCB, and Bank of Punjab branches from March 25 onwards.
The officials added that the CDA advertisement also includes details about the flexible completion period for commercial plots. The completion period is three years for plots measuring 1,000 yards, four years for plots measuring 1,000 to 3,000 yards, and five years for plots measuring above 3,000 yards.
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Plots should be sold in dollars to take the present economic crisis
Plots should be sold in dollars to tackle the present economic crisis