ISLAMABAD: The Capital Development Authority (CDA) has announced its plan to auction commercial plots located in various developed sectors of Islamabad, intending to generate more revenue for the city and attract investors.
The auction is scheduled to take place from May 3 to May 5 at the Jinnah Convention Centre in Islamabad.
Interested investors have been urged to participate in the auction, which is expected to impact the commercial estate market in the capital city significantly.
The auction schedule for various plots in different sectors has already been publicized in newspapers.
According to an official from the authority, real estate experts have deemed the auction a must-avail investment opportunity for investors nationwide and overseas.
Participants who invest in public sales can possess commercial plots with legal protection.
The commercial plots available for auction are located in various centers, agro farms, petrol pumps, and Class-III shopping centers, among others.
The official stated that whoever submits full payment within 30 days of the bid acceptance letter would be offered a 10 percent rebate on the remaining amount.
The CDA auction voucher includes a list of protocols that must be followed by prospective investors, including the presence of a facilitation team to assist investors and the submission of 25 percent of the bid amount as the first installment.
The first installment should be submitted within thirty days of bid acceptance, and the CDA will collect the advance tax pro rata.
The auction voucher also allows accommodated investors to make their payments through a one-window directorate and through selected Askari, UBL, HBL, MCB, and Bank of Punjab branches.
Flexible completion periods for commercial plots have been included in the CDA advertisement, with 3 years for plots of 1,000 yards, 4 years for plots between 1,000 to 3,000 yards, and 5 years for plots above 3,000 yards.