News: As per the latest updates shared by the officials of the Capital Development Authority (CDA), the proposal for the auctioning of residential and commercial plots was approved. For this purpose, CDA 3-day auction will be held in Jinnah Convention Center Islamabad. CDA’s 3-day auction will start on 24th January and end on the evening of 26th January 2023. There are a total of 58 residential and commercial plots under the jurisdiction of CDA that will be presented in the auction to generate funds for the ongoing developments.
CDA Board Meeting was held a while back and chaired by Capt. Red. Muhammad Usman Younis, the proposal was presented in this meeting to auction and sell 58 total plots. After analyzing the proposal, it was accepted, and an action plan was approved. The main purpose of this auction is to sell the plots and generate revenue for the development of ongoing projects in the federal capital including Bhara Kahu Bypass, the remodeling of IJP Road, the Expansion of Islamabad Expressway, and the construction of Margalla Road. CDA plans to collect PKR 20 Billion or a close amount from this 3-day auction.
Plot Included in CDA 3-Day Auction
The following residential plots will be auctioned in this upcoming event:
- A total of 12 residential plots of Park Enclave 1 and 2 will be offered in CDA 3-day auction event.
- Commercial plots from Blue Area, Sector I-8, and Sector E-11 will be available for purchase. Moreover, some of the plots presented in the auction will be proposed for schools and hospitals.
Capital Development Authority has given a privilege to overseas investors in this auction. Overseas Pakistanis can get up to a 5% rebate on both residential and commercial plots presented in this auction. However, they will be obliged to submit payment within 30 days of acceptance of the proposal and provision of the bid acceptance letter. Overseas Pakistanis are required to send the payments via Foreign Remittance or official banking channels. Director CDA took this step to invite much need for international investments for the betterment of reserves.
Enhancement in Construction Time Limit
Furthermore, CDA has also increased the period for the development of structures on the bigger plots as follows:
- In the past, a three-year construction limit was implemented for construction on small and larger-sized plots. However, it is enhanced by CDA.
- The time limit for the construction of the plot is less than or equal to 1000 Sq. Yards have been increased to 3 years.
- Construction time of plot from 1001 Sq. Yards to 3000 Sq. Yards have been enhanced to 4 years.
- Furthermore, the time limit for development on plots larger than 3000 Sq. Yards is now extended to 5 years.
Keep visiting Manahil Estate for more breaking news like this one. You can also visit our blog for a useful and informative article related to different topics of real estate! You can also contact us for the sale and purchase of plots!
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