Islamabad: The Capital Development Authority (CDA) is gearing up to commence an auction of commercial and residential plots, encompassing a variety of sizes and categories, scheduled from October 17 to 20 at the Jinnah Convention Centre, according to news published on September 28. The primary objective of this auction is to bolster revenue generation for the authority and entice investors to participate in this promising opportunity.
An official from the CDA highlighted that prospective investors are encouraged to partake in this auction, as it presents a golden opportunity to acquire commercial and residential plots in the federal capital with full legal protection. The auction will span various sectors within the Islamabad capital territory, concluding on October 20. The CDA has already disseminated the auction schedule for various plots through various newspapers and social media platforms.
According to the official, real estate experts have deemed this opportunity a must-avail investment venture for both local and overseas investors. The plots on offer encompass a wide range of categories, including those situated in Blue Area, Marakaz, E-11 Northern Strip, Park Enclave Commercial, Petrol Pumps, Class-III Shopping Centres, Agro Farms, Fruit and Vegetable Shops, IT Center (Commercial), Apartments, Industrial, Hostels, Residential, and I-11 Markets. Interested parties can obtain brochures starting October 2nd from the one-window directorate of the CDA and designated branches of HBL, UBL, MCB, Askari Bank, and Bank of Punjab.
Additionally, the information is accessible through the official CDA website at www.cda.gov.pk. To facilitate prospective investors, the official mentioned the presence of a dedicated facilitation team at each step of the process. Successful bidders are required to make an initial payment of 25% of the bid amount within 30 days of bid acceptance. The official also noted that advance tax would be collected on a pro-rata basis following the initial payment. Once the full payment is made, building plan approval and construction work can commence.
Furthermore, the CDA is offering a 10% rebate for full payments made within 30 days of receiving the bid acceptance letter, with an additional 5% rebate for payments in US dollars.