First Day of Capital Street Auction in Islamabad Rakes in Rs1.82 Billion

ISLAMABAD: The Capital Development Authority (CDA) kickstarted its auction for the prestigious ‘Capital Street project in Islamabad, successfully selling 9 plots and generating Rs. 1.82 billion in revenue on the first day.

The Capital Street project, encompassing an area of 27 acres, offers 50 one-kanal plots and 15 small shops in the picturesque locality of Shakarparian.

In the initial phase, the CDA made 20 plots available for auction, inviting both national and international food brands to participate.

Drawing inspiration from renowned destinations such as City Walk Dubai and Nizami Street Baku, Capital Street aims to create a vibrant food and entertainment hub in Islamabad.

Each plot measures 500 square yards, with the provision to construct a ground plus one-story structure on 250 square yards, while the remaining land must be kept open.

The project’s development guidelines restrict the use of these plots to cafes, restaurants, and bistros, disallowing any other commercial purposes.

The first day of the auction witnessed significant interest from potential buyers, resulting in the successful sale of 9 plots, fetching the CDA an impressive Rs. 1.82 billion.

The winning bids for the sold plots are as follows:

• Plot No. 1: Rs208.5 million
• Plot No. 2: Rs188.5 million
• Plot No. 3: Rs168.5 million
• Plot No. 4: Rs165 million
• Plot No. 5: Rs179 million
• Plot No. 6: Rs153 million
• Plot No. 7: Rs266.5 million
• Plot No. 10: Rs265 million
• Plot No. 11: Rs230 million

However, some quarters have raised concerns about the legality of the project.

The area falls within the Margalla Hills National Park, and critics argue that allowing commercial development contradicts prevailing laws.

Besides, the region was originally categorized as a “Sports Centre” in the master plan of Islamabad, but in 1979, it was incorporated into the Margalla Hills National Park through an official SRO, imposing restrictions on its use.

Despite this controversy, the CDA’s auction has shown significant promise in establishing Capital Street as a prominent destination for food and entertainment in Islamabad.

Source: The Nation