Next month, CDA will auction off residential and commercial property
Islamabad: According to news stories dated September 28, the Capital Development Authority (CDA) is getting ready to start an auction of commercial and residential plots, including a range of sizes and classifications, slated from October 17 to 20 at the Jinnah Convention Centre. The main goals of this auction are to increase the authority’s revenue production and to persuade investors to take advantage of this exciting opportunity.
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An representative from the CDA emphasized that potential investors are urged to participate in this auction since it offers a fantastic chance to purchase residential and business plots in the federal capital with full legal protection. The auction, which will cover a variety of areas inside the boundaries of the capital city of Islamabad, will end on October 20. The CDA has already announced the calendar for the various plots’ auctions in a number of periodicals and on social media.
The official claims that real estate specialists consider this opportunity to be a must-have investment opportunity for both domestic and foreign investors. A wide variety of plot types are available, including those in the Blue Area, Marakaz, E-11 Northern Strip, Park Enclave Commercial, Petrol Pumps, Class-III Shopping Centres, Agro Farms, Fruit and Vegetable Shops, IT Centre (Commercial), Apartments, Industrial, Hostels, Residential, and I-11 Markets. Brochures are available to interested persons beginning on October 2nd at the one-window directorate of the CDA and specific branches of HBL, UBL, MCB, Askari Bank, and Bank of Punjab.
The data can also be accessed via the official CDA website at www.cda.gov.pk. The official emphasised the existence of a dedicated facilitation staff at each stage of the process to assist potential investors. Within 30 days of the bid being accepted, the winning bidder must submit an initial payment of 25% of the winning bid. The representative added that after the initial payment, advance tax would be charged pro rata. Construction work can begin following approval of the building plan and full payment.
In addition, the CDA is providing a 10% discount for complete payments made within 30 days of receiving the notice of bid acceptance, plus an extra 5% rebate for payments made in US dollars.
