ISLAMABAD: The Capital Development Authority (CDA) is set to begin the auction of commercial plots in Islamabad’s prestigious Blue Area and other developed sectors today.
This auction aims to increase revenue for the city while also attracting investors to participate in the bidding process.
An official from the CDA encouraged interested investors to participate in the auction, which will be held at Islamabad’s Jinnah Convention Centre.
This development is expected to have a significant impact on the capital city’s commercial real estate market.
The CDA has already published the auction schedule for various plots in various newspapers, ensuring widespread exposure.
Real estate experts have identified this auction as a must-have investment opportunity for investors both domestic and international.
Furthermore, participants in the public sale will be able to purchase commercial plots with legal protection.
Among the commercial plots for sale in Islamabad’s developed sectors are various centres, agro farms, petrol pumps, E-11 northern strip, Class-III shopping centre, Park Enclave commercial area, and Blue Area E-11/F-11, Canopy side.
The official also stated that participants who pay in full within 30 days of the bid acceptance letter will be given a 10% discount on the remaining amount.
To assist investors, the CDA has formed a mandatory facilitation team that will be present throughout the auction process.
The first installment of 25% of the bid amount is due within thirty days of bid acceptance.
Furthermore, the CDA will collect the advance tax on a pro-rata basis, with site and marketing office charges excluded.
Furthermore, the building plan will be approved following the submission of the first installment.
The CDA auction voucher allows accommodated investors to make payments through a single window.
Beginning March 25, investors can also make payments at select Askari, UBL, HBL, MCB, and Bank of Punjab branches.
The CDA advertisement also includes information about the flexible completion periods for commercial plots, which range from 3 years for 1,000-yard plots to 4 years for 1,000-to-3,000-yard plots and 5 years for plots larger than 3,000 yards.
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