Islamabad: The CDA – Capital Development Authority approved the proposal of auctioning 58 residential & commercial plots during a 3-day event on January 24, 25, and 26 at Jinnah Convention Centre.
At the CDA board meeting, held under the chair of Captain (retired) Muhammad Usman Younis, he approved the auction plan that includes 12 residential plots located in Park Enclave I and II. It was informed that the authority seeks to forge funds from the auction to provide the uninterrupted implementation of continuous mega-development projects Margalla Road, Bhara Kahu bypass, Expansion of Expressway, and IJP road, etc.). CDA hopes to bring funds amounting to PKR 20 billion from the three-day auction.
As an encouragement for investors, the CDA has improved the set time limitation for the construction of structures on plots of bigger sizes. Previously, there was a three-year limitation for construction on plots of all sizes. This time, however, the CDA plans to give a three-year window for constructing buildings on plots spanning up to 1,000 square yards. And a four-year window for plots ranging from 1,001 to 3,000 sq ft and a five-year time limit for plots over 3,001 sq yds.
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