ISLAMABAD: The Capital Development Authority (CDA) is set to kickstart the auction of commercial plots in the prestigious Blue Area and other developed sectors of Islamabad starting today.
This auction aims to generate additional revenue for the city and attract investors to participate in the bidding process.
An official from the CDA encouraged interested investors to take part 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 city.
The CDA has already published the auction schedule of various plots in different newspapers, ensuring wide publicity.
Experts in the real estate sector have recognized this auction as a must-avail investment opportunity for investors both nationwide and overseas.
Moreover, the participants in the public sale will have the opportunity to acquire commercial plots with legal protection.
The commercial plots available in the developed sectors of Islamabad include various centers, agro farms, petrol pumps, E-11 northern strip, Class-III shopping center, Park Enclave commercial area, and Blue Area E-11/F-11, Canopy side, among others.
The official further mentioned that participants who submit full payment within 30 days of the bid acceptance letter will be offered a 10 percent rebate on the remaining amount.
To facilitate investors, the CDA has established a mandatory facilitation team that will be present to assist them throughout the auction process.
The first installment of 25 percent of the bid amount should be submitted within thirty days of bid acceptance.
In addition, the CDA will collect the advance tax on a pro-rata basis, while site and marketing office charges will not be included.
Besides, the approval of the building plan will be granted after the submission of the first installment.
The CDA auction voucher provides accommodated investors with a one-window directorate for making their payments.
Investors can also make payments through selected branches of Askari, UBL, HBL, MCB, and Bank of Punjab starting from March 25.
The advertisement by the CDA also includes details about the flexible completion periods for commercial plots, which range from 3 years for plots of 1,000 yards, 4 years for plots between 1,000 and 3,000 yards, and 5 years for plots above 3,000 yards.
Source: The News
Plots No 1 and 2 on E11 Canopy side falls with in road being constructed by NLC. NLC a day prior to auction has moved grader and marked road with Red Flags in between the Two Plots ( Temperary Tin Structure, Single Story Size 4600 square yards). BE CAREFUL