CDA to Auction 58 Plots in January 2023

ISLAMABAD: The Capital Development Authority (CDA) has planned to sell off 58 commercial and residential properties in January 2023, hoping to raise Rs20 billion to cover developmental and non-developmental costs.

According to past budget papers, CDA meets the majority of its financial needs by selling commercial and residential plots.

The CDA board of directors is due to meet on Tuesday for approval of the next auction.

To encourage international investment, CDA would offer a 5% rebate to overseas Pakistanis and a 15% rebate for full payment within 30 days of the issue of the provisional bid letter in one go.

The city managers have purposed to auction a total of 58 plots, including 6 plots of different marakiz, 5 plots of blue area, 3 plots of Northern Strip E-11, an economy flats plot, 10 Agro farms plots, a hotel plot, 2 industrial plots, 2 hospital plots, 4 petrol pump plots, 4 commercial plots of Park Enclave, 7 class three shopping center plots, a plot of school in E-11, and 12 residential plots of Park Enclave.

Meanwhile, the civic authority has expanded the timeline for completing the buildings in order to cater to investors, which is seen as a favorable move by interested parties.

Previously, the building completion time for all plots was three years, but today it is four years for plots larger than 1,000 square yards and five years for plots larger than 3,000 square yards.

The plots would be offered at an open auction, and bids would be forwarded to the CDA Board, a competent forum for bid approval.

The civic authority is now completing various construction projects at a quick speed, for which it will have to pay billions of rupees to contractors in the coming quarter.

A senior official stated that if they continue to be successful in auctioning plots in January, they will be able to easily manage the funds for the ongoing projects. Otherwise, the authority may run out of funds to keep the projects running.

The auction is scheduled for January 23-25, 2023, and will be overseen by a committee led by Member Finance CDA, with members including Member Estate, Member P & D, DFA-II, DG Law, Director Public Relations, Director Urban Planning, Director Regional Planning, Director EM-II, and Director Finance.