ISLAMABAD: The Capital Development Authority (CDA) has announced that it will hold an auction of commercial plots in developed sectors of Islamabad.
The auction will take place over three days in the first week of May at the Jinnah Convention Centre in Islamabad.
CDA is promoting the auction as a “golden opportunity” for both Pakistani and overseas citizens to invest in Islamabad, with complete legal protection.
According to the details, the plots being auctioned are located in prominent spots such as Marakaz, Agro Farms, E-11 Northern Strip, petrol pumps, Park Enclave Commercial, Class-III Shopping Center, Blue Area E-11/F-11, and Canopy Side.
CDA is offering a 10% rebate on a full payment within 30 days of bid acceptance.
Moreover, in order to make the process smooth for prospective investors, a facilitation team will be available at every step to provide facilities.
The first installment of 25% of the bid amount must be paid within thirty days of acceptance of the bid. Advance tax will be collected on a pro-rata basis.
After payment of the first installment, the building plan will be approved, and construction work can begin after making the full payment. CDA will not charge for site and marketing offices.
The flexible completion period for commercial plots is as follows:
- Up to 1,000 yards: 3 years
- Up to 3,000 yards: 4 years
- More than 3,000 yards: 5 years
Auction brochures will be available from the CDA one-window directorate and selected branches of Askari, UBL, HBL, MCB, and Bank of Punjab from March 25.
CDA should also take over the possession of all those illegally leased property adjacent to corner plots and auction those by which billions of Rupees can be earned and utilised for extra welfare scheme of Islamabad.
This must include the auction of agro- plots located at villages Tarlai, Jaba-Teli, Pindorian etc. near CDA’s Chakshehzad agro-Farm Scheme . The land already acquired by CDA since 1968. This can be a big source of revenue for CDA.
CDA also need to auction old government officers residence in Sector G6 and F6.
Plots in Sector E/10 should be auctioned. That sector will yield the best profit for us.
CDA have no proper plan and strategy.. Government quarters at G-6 and 6-7 sectors should auctioned and billions dollors can be collected and high raise flats can be constructed. People are missing these flats , sublet the houses and earning money .