ISLAMABAD: The Capital Development Authority (CDA) has made preparations to conduct an auction of commercial plots in Islamabad’s prestigious Blue Area and other developed sectors.
The auction, scheduled to commence on May 29, aims to generate additional revenue for the city and attract investors from both domestic and international markets.
An official from the CDA, in an interview with a state-run news agency, encouraged interested investors to participate in the auction, which will be held at the Jinnah Convention Centre in Islamabad.
This development is expected to have a significant impact on the commercial real estate market in the capital.
The official stated that the auction will run until May 31 and that the CDA has already published the auction schedule in various newspapers.
The commercial plots available for bidding are located in well-established sectors of the federal capital, including centers, agro farms, petrol pumps, E-11 northern strip, Class-III shopping center, Park Enclave commercial, Blue Area E-11/F-11, and Canopy side.
Experts in the real estate industry have recognized this auction as a lucrative investment opportunity for both local and international investors.
Furthermore, the participants in the public sale will have the opportunity to acquire commercial plots with legal protection.
To further facilitate prospective investors, the CDA has outlined certain protocols.
The presence of a facilitation team is mandatory to assist investors during the auction process.
Additionally, 25 percent of the bid amount will be considered the first installment, which must be submitted within 30 days of bid acceptance.
The CDA will collect the advance tax on a pro-rata basis, while site and marketing office charges will not be included.
Source: Pak Observer
