Islamabad:The Capital Development Authority (CDA) experienced a remarkable reaction from investors during the auction of commercial plots. On the opening day of the auction, five plots were sold for a total of approximately 11 billion rupees. A significant number of investors displayed interest in the auction, with competitive bidding observed throughout the day.
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CDA Chairman Muhammad Ali Randhawa expressed his contentment, noting that the enthusiastic involvement of investors in the CDA’s auction signifies their trust in the authority’s policies.
On the first day, Plot No. 13-G in F-8 Markaz was auctioned for 1.22 billion rupees, while Plot No. 16-D in F-8 Markaz sold for 1.24 billion rupees. Likewise, Plot No. 4-D in G-8 Markaz fetched 598.3 million rupees, and Plot No. 10 in Blue Area G-8 sold for 5.35 billion rupees. Additionally, Plot No. I-B in I-8 Center garnered 2.5 billion rupees, resulting in a total of around 11 billion rupees from the sale of five plots on the first day.
The auction comprises various categories of commercial plots situated in established commercial hubs and centers throughout Islamabad. These include plots designated for motels, apartments, and Class III shopping centers, presenting attractive investment opportunities.
The auction is being overseen by a committee led by CDA Member Finance Tahir Naeem, with the committee’s secretary being Director, Estate Management-II, Tabinda Tariq. The auction of commercial plots will proceed on October 2 and 3, 2024, at Gandhara Citizen Club, F-9 Park, Islamabad.
All bids received will undergo a comprehensive evaluation before being submitted to the CDA Board, which holds the authority to approve or deny them.
Investors participating in the auction are being offered various incentives and amenities. The payment plan for commercial plots has been extended from one year to two years. Furthermore, 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, with an additional 5% discount for payments made in U.S. dollars.
