CDA to Hold an Auction for Commercial Plots in Developed Sectors to Generate More Revenue
The Capital Development Authority (CDA) plans to hold auctions to sell commercial plots in multiple developed sectors of the federal capital, Islamabad, to create more revenue for the city and attract investors. CDA’s commercial plots auction is intended to collect funds and use them for different development projects that are underway in Islamabad.
CDA’s commercial plots auction will take place in Jinnah Convention Center Islamabad, this auction event will start on 3rd May and end on 5th May, meaning, it will last 2 days. Investors and businessmen, who want to get their hands on the highly sought-after commercial plots of Islamabad, should mark their calendars and attend CDA’s commercial plots auction.
Payments
The auction voucher enables eligible investors to make payments through a one-window directorate and selected branches of Askari, UBL, HBL, MCB, and Bank of Punjab.
Development Deadlines
The CDA advertisement includes flexible completion periods for commercial properties, such as:
- 3 years for plots of 1,000 yards
- 4 years for plots between 1,000 to 3,000 yards
- 5 years for plots above 3,000 yards
The schedule for the auction of commercials in various sectors has already been announced in the newspapers. As per a CDA official, real estate professionals have evaluated the auction as an investment opportunity that local and foreign investors should not miss.
This is a golden chance for investors to legally own commercial properties, such as properties in the central areas, agro farms, fuel stations, and shopping centers of Class-III, among other types of properties. The official has stated that a 10% discount on the outstanding amount would be granted to any participant who submits the full payment within 30 days of receiving the bid acceptance letter.
CDA’s commercial plots auction includes a set of rules that must be followed by prospective investors, such as the presence of a facilitation team to help investors and the payment of 25% of the bid amount as the first installment. Within 30 days of the acceptance of the bid, the first installment must be paid, and the CDA will collect the advance tax proportionately.
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