Islamabad: The CDA has released the details of its forthcoming auction of commercial plots, which will be available in different sizes and categories in the established sectors of the city.
The 3-day auction will be held on May 3,2023-May 5,2023, at the Jinnah Convention Centre, Islamabad. The auction is a ‘golden opportunity’ for investors. Pakistanis living abroad can also bid in the auction.
The plots for auction are located in Blue Area E-11/F-11, Canopy side, E-11 Northern Strip, Marakaz, Petrol pumps, Agro farms, Park Enclave Commercial, and Class-III Shopping Center.
To encourage prompt payment, the Capital Development Authority (CDA gives a 10% rebate on a full payment within 30 days of the bid acceptance letter. CDA has also announced “special steps for prospective investors, “ which are as follows:
1. The facilitation team will be present to assist investors
2. The bidder must pay the first installment of 25% of the bid amount within thirty days of their bid being accepted.
3. Collection of Advance tax on a pro-rata basis
4. The building plan will be approved facility after payment of the first installment, whereas construction work can be started after full payment.
5. CDA will not charge for site and marketing offices
The ‘flexible completion period for commercial plots’ set by the CDA is as follows:
i. Plots up to 1,000 yards: 3 years
ii. Plots up to 3,000 yards: 4 years
iii. Plots with an area of more than 3,000 yards: 5 years
Auction brochures will be available from March 25 at the CDA one-window directorate and designated Askari, UBL, HBL, MCB, and Bank of Punjab branches. For the latest Real Estate News and Blogs, visit Realtors blogs.