ISLAMABAD: The auction committee of the Capital Development Authority (CDA) accepted highest bids to the tune of Rs10.81 billion for five commercial plots which were offered at the open auction in Blue Area and other business hubs of Islamabad on Monday.
The auction committee received highest bid of Rs5.35 billion for plot No 10 of Blue Area measuring 2666.66 square yards located between sectors F-8 and G-8 while another commercial plot of size 1422.22 square yards in Markaz I-8 was auctioned for Rs2.4 billion. Another two commercial plots in Markaz F-8 of sizes 833.33 square yards and 666.66 square yards were auctioned for Rs1.25 and Rs1.22 billion respectively.
Similarly, a plot of size 333.33 square yards in Markaz G-8 received highest bid of Rs598.3 million on the first day of three-day auction. The auction features various categories of commercial plots located in developed commercial centers and Marakazes across Islamabad. These include plots for motels, apartments, and Class III shopping centers, offering lucrative investment opportunities.
The auction is being supervised by a committee led by CDA Member Finance Tahir Naeem and the secretary of the committee the Director, Estate Management-II Tabinda Tariq. The auction of commercial plots will continue on October 2 and 3, 2024, at Gandhara Citizen Club, F-9 Park, Islamabad.
All bids received will undergo thorough scrutiny before being presented to the CDA Board, which has the authority to approve or reject them. Investors participating in the auctions are being offered several incentives and facilities.
The payment plan for commercial plots has been extended from one year to two years. Additionally, building plan approval will be granted upon 25% payment, and possession of the plot will be given after 75% payment.