The Capital Development Authority (CDA) generated Rs13.80687 billion on the opening day of its three-day public auction of commercial plots in Islamabad. The auction, being held at the Jinnah Convention Centre, will continue until August 6. Four commercial plots were sold on the first day, reflecting strong investor interest in prime commercial properties.
The auction is part of the CDA’s ongoing efforts to boost revenue, facilitate investment, and promote urban development in the federal capital. The plots sold including Plot No. 2, G-1, Sector A-9 Markaz was sold for Rs 529.575 million, Plot No. 9 in Blue Area fetched Rs 9.1346518 billion, Plot No. C-1, Blue Area was auctioned for Rs 3.51332 billion. Plot No. 2, Sector I-6 Industrial and Trading (I&T) Centre, Aabpara Market was sold for Rs 629.32 million.
Together, these four plots generated Rs 13.80687 billion in revenue on the first day of the auction. Speaking on the occasion, the Chairman of the Auction Committee said that, in line with the vision of the Prime Minister and the Federal Interior Minister, the CDA is giving special attention to providing maximum facilities to the business community and the public.
As part of these measures, the parking standard for commercial buildings has been increased from one parking space per 750 square feet to one parking space per 1,000 square feet. This revised standard will apply to all future open auctions, including the ongoing one.
The auction also includes commercial plots for petrol pumps, plots in various commercial centers, the E-11 Northern Strip, and Argo Farms. In addition, shops constructed in the Blue Area Parking Plaza are also being offered. To encourage investment, the CDA is offering an additional 5 percent discount on payments made in US dollars. A further 5 percent discount is available for bidders who make full payment within 30 days of the approval of their bids.
The CDA has also introduced several incentives for successful bidders. Building plan approval can now be obtained after payment of the initial 25 percent of the bid amount, while possession of the plot will be granted upon payment of 75 percent of the total amount.
The Chairman added that all bids received will undergo a thorough scrutiny before being presented to the CDA Board, the competent authority responsible for approving or rejecting them. He reaffirmed that the CDA remains committed to improving urban facilities, developing infrastructure, and promoting the city’s construction and economic growth.
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