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ISLAMABAD, Feb 25 (APP):Capital Development Authority (CDA) kicked off its highly anticipated commercial plots auction with a bang, generating a staggering Rs15.69 billion on the very first day.
The event, held at the Jinnah Convention Centre, witnessed fierce competition among investors, with seven prime commercial plots sold at premium prices.
The auction, which will continue until February has already set a new bench mark for investor confidence in Islamabad’s real estate market.
CDA Chairman Muhammad Ali Randhawa, who oversaw the proceedings, expressed his delight at the overwhelming response, attributing it to the authority’s transparent policies and transformative initiatives.
The star of the day was Plot No12 in Blue Area G-8, which fetched an impressive Rs4.199 billion. Other notable sales included Plot No11 in Blue Area G-8, sold for Rs3.466 billion, and Plot No. B-1 in I-8 Markaz, which went for Rs3.34 billion. Plots in G-8 and G-9 Markaz also saw competitive bidding, with prices ranging from Rs69.99 crore to Rs1.071 billion.
Addressing the participants, Chairman Randhawa highlighted the CDA’s commitment to transforming Islamabad into a modern, world-class city. He pointed to the successful completion of mega projects like Jinnah Square and the Recep Tayyip Erdogan Interchange as evidence of the authority’s efficiency and dedication.
“CDA has evolved into a vibrant and functional body, and the massive turnout today reflects the trust investors have in our policies,” Randhawa stated.
He also emphasized the authority’s ongoing efforts to digitize operations, including land records, to ensure transparency and efficiency.
The revenue generated from the auction will be channelled into the development and beautification of Islamabad, with a focus on enhancing infrastructure and public amenities. Randhawa assured investors that their contributions would play a pivotal role in shaping the city’s future.
To attract more participants, the CDA has introduced several investor-friendly measures.The payment plan for commercial plots has been extended from one year to two years, with building plan approvals granted upon 25% payment and possession handed over after 75% payment.
Additionally, a 10% discount is being offered for lump-sum payments, and a 5% extra discount is available for payments made in US dollars.
The auction will continue for the next three days, offering a wide range of commercial plots in prime locations, including Blue Area, Marakaz, Industrial Zones, Apartments, and Park Enclave. Plots from Class III Shopping Centers and shops in the Blue Area Parking Plaza will also be up for grabs.
A dedicated committee, led by the CDA Member Finance, is overseeing the auction process. All bids will undergo rigorous scrutiny before being presented to the CDA Board for final approval.