CDA to Auction 58 Commercial & Residential Plots in January 2023
Capital Development Authority (CDA) is preparing to auction 58 commercial & residential plots in January 2023. The move has been planned to generate Rupees 20 billion to meet the developmental expenditures of the development authority. In a subsequent meeting, the plan for the upcoming auction would be finalized.
According to the initial details, a total of 58 commercial and residential plots have been finalized for the auction. Among these 5 plots are located in the Blue Area, 3 plots in sector E-11 of Islamabad, and 10 farmhouses.
Furthermore, CDA is also planning to auction 1hotel plot, 2 hospital plots, a plot for a petrol pump, and 4 commercial plots in the CDA sector Park Enclave along with 12 residential plots in the same sector. There are 3 shopping center plots located in sectors E-11 and E-12.
In case of full payment, the Capital Development Authority is offering a 15% rebate and overseas Pakistanis can further avail 5% rebate. The development authority is looking to sell these plots to meet the fiscal needs of the coming year.
The proposed dates for this auction are 23-25 January 2023. All the residential and commercial plots would be sold through the open bidding process and the governing board is authorized to approve or disapprove the bidding offer. The authority has also rolled out a relaxed timeline for development to facilitate the investors.
Most of the properties on auction are in commercial areas. Investing in commercial properties is more popular than investing in residential and industrial real estate. Commercial premises are a great alternative to diversify the savings of any investor.
The main characteristic of investments in commercial premises is that they distribute periodic benefits. These benefits come from the rental income of the property. The rental income in comparison to the residential units is more in commercial units. This is why a growing number of investors are interested in commercial properties.
Commercial properties are a highly valued real estate investment option, where, depending on the area and its prospects, excellent plots can be owned in the current auction.
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