News sources say that on Tuesday, December 28, the Capital Development Authority (CDA) approved a plan to auction off 58 commercial and residential plots during a 3-day event on January 24, 25, and 26 at the Jinnah Convention Centre.
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At a meeting of the CDA board, which was led by Captain (retired) Muhammad Usman Younis, the auction plan for 12 residential plots in Park Enclave I and II was approved. It was said that the authority wants to get money from the auction to make sure that ongoing mega-development projects don’t stop (Bhara Kahu bypass, Margalla Road, Expansion of Expressway and IJP road etc). The CDA hopes to get about PKR 20 billion in money from the three-day auction.
As an incentive for investors, the CDA has made the time limit for building structures on larger plots longer. Before, building could only happen on plots of any size for a maximum of three years. This time, though, the CDA plans to give a three-year window for building on plots up to 1,000 square yards, a four-year window for plots between 1,001 and 3,000 square feet, and a five-year window for plots larger than 3,001 square yards.
The CDA board also approved a 5% discount for Pakistanis living outside of Pakistan. These people will have to pay through “foreign remittance/official banking channels with proof within 30 days of the provisional bid acceptance letter.” A director of the CDA said that this will make it easier for much-needed foreign investment to come in and boost the country’s foreign exchange reserves.
The auction will include both residential plots in Park Enclave and commercial plots in different parts of Islamabad, such as Blue Area and Sector I-8. Some of the plots that will be sold will be used to build schools and hospitals. Five commercial plots in the northern part of Sector E-11 will also be sold at auction.