ISLAMABAD – The Capital Development Authority (CDA) received an overwhelming response from investors during the auction of commercial plots. On the first day of the auction, five plots were sold for a total of about 11 billion rupees. A large number of investors showed their interest in the auction, with competitive bidding witnessed throughout the first day. CDA Chairman Muhammad Ali Randhawa expressed his satisfaction and stated that the active participation of investors in the CDA’s auction reflects their confidence in the authority’s policies.
On the first day of the auction, Plot No. 13-G at F-8 Markaz was auctioned for 1.22 billion rupees, and Plot No. 16-D at F-8 Markaz for 1.24 billion rupees. Similarly, Plot No. 4-D at G-8 Markaz was auctioned for 598.3 million rupees, while Plot No. 10 at Blue Area G-8 was auctioned for 5.35 billion rupees. Additionally, Plot No. I-B in I-8 Center fetched 2.5 billion rupees, resulting in a total of about Rs.11 billion rupees from the sale of five plots on the first day of Auction. The auction features various categories of commercial plots located in developed commercial centers and Marakazs across Islamabad. These include plots for motels, apartments, and Class III shopping centers, offering lucrative investment opportunities. The auction is being supervised by a committee led by CDA Member Finance Tahir Naeem and the secretary of the committee the Director, Estate Management-II Tabinda Tariq. The auction of commercial plots will continue on October 2 and 3, 2024, at Gandhara Citizen Club, F-9 Park, Islamabad. All bids received will undergo thorough scrutiny before being presented to the CDA Board, which has the authority to approve or reject them.
Investors participating in the auction are being offered several incentives and facilities. The payment plan for commercial plots has been extended from one year to two years. Additionally, building plan approval will be granted upon 25% payment, and possession of the plot will be given after 75% payment. A 10% discount is available for full upfront payments, and a further 5% discount is offered for payments made in U.S. dollars.
