Islamabad: The Capital Development Authority (CDA) is planning to put up 26 commercial plots in the ‘New Blue Area’, G-9 on auction in April this year – including a plot intended for a five-star hotel; with the expectation of a PKR 30 billion revenue, according to news sources. This particular portion sector G-9’s Blue Area features prominently in Islamabad’s master plan and is set to be relabeled as the ‘New Blue Area’, once the commercial plots have been resized.
The CDA approved the auction plan during its meeting on Thursday, held under Chairman Amer Ali. This auction is aimed at generating funds for the Naya Pakistan Housing Development Authority (NPHDA)’s projects.
The CDA board meeting also decided to spend 5% of the income generated through the auction to be spent on the Blue Area’ s development by providing better amenities to the business and investment community.
A CDA official remarked that the auction will be promoted on a grand scale with digital marketing, roadshows and other measures to attract potential investors. As an added incentive, the civic agency plans to offer a special package to investors that would include 10% rebate for full payment and will provide a month’s time period to repay the first instalment of 25% of the sum agreed upon by the winning bidders -who will also be able to deposit advance tax along with their plot instalments.