ISLAMABAD: The Capital Development Authority (CDA) has announced the dates for the auction of commercial plots in Islamabad, including the prestigious Blue Area.
The highly anticipated auction is scheduled to take place from May 29 to 31, presenting a diverse array of plots across various key centres within the city.
The auction will encompass not only Blue Area but also feature plots from other prominent areas such as Park Enclave, Class III Shopping Centers, E-11, and F-11, expanding the possibilities for interested bidders.
Furthermore, the auction will not be limited solely to commercial plots; it will also include industrial plots, agricultural farms, and petrol pump plots, broadening the range of investment opportunities.
To streamline the process and facilitate potential buyers, the CDA has introduced a favourable policy. Building plans for the acquired plots will be approved once a down payment of 25% has been made, ensuring buyers can swiftly proceed with their development plans.
Moreover, the CDA has taken an extra step to incentivize prospective buyers by waiving any fees associated with marketing or site offices. This move aims to alleviate financial burdens and attract a higher number of participants to the auction.
It is crucial to note that payment for the acquired plots through the auction must be completed within one year from the date of purchase. Buyers who opt for full payment within one month will receive an enticing 10% discount on their purchase, serving as a reward for prompt transactions.
Additionally, those making payments in dollars will benefit from a 5% discount, further encouraging international investors to seize the opportunity.
Recognizing the importance of timely development, the CDA has revised the construction periods for different plot sizes. For plots measuring 1000 yards, construction must be completed within a swift timeframe of 3 months.
Similarly, plots of 3000 yards demand completion within a period of 4 years.
For plots larger than 3000 yards, developers will have a more extended construction deadline of 5 years, providing flexibility while ensuring progress in line with the city’s development goals.
