Islamabad:The Capital Development Authority (CDA) auctioned four commercial plots worth a total of Rs13.80 billion on the first day of the three-day auction.
Plot No. 2, G-1, in Sector I-9 Markaz was auctioned for Rs529.575 million while Plot No. 18 in Blue Area was auctioned for Rs9,134.65 million. Another plot Plot No. C-1 in Blue Area was sold for Rs. 3,513.32 million while plot No. 2 in G-6 I&T, Aabpara Market was auctioned for Rs. 629.32 million.
All bids received will undergo a comprehensive scrutiny before being presented to the CDA Board, which is the competent authority to approve or reject the bids. THE chairman of the Auction Committee said that investment in Islamabad, improved service delivery, infrastructure development, and meeting citizens' needs are being ensured.
He added that revenue generated from the auction will be utilised for improving the city's infrastructure, completing mega development projects, and addressing long-standing civic issues.
Under this decision, the parking space standard for commercial buildings has been increased from 750 square feet to 1,000 square feet. This decision will apply to the ongoing auction as well as all future open auctions.
Plots located in various commercial centres, the E-11 Northern Strip, agro farms, and petrol pump sites are being offered for auction. The auction also includes constructed shops in the Blue Area Parking Plaza.
An additional 5 percent discount is available for payments made in US dollars for commercial plots. A 5 percent discount is also available on lump-sum payment made within 30 days of the approval of the bid. Approval of the building plan could be obtained after the initial 25 percent payment while the ossession of the plot would be given on payment of 75 percent of the total amount.
