CDA Announced Auction of Commercial Plots in Islamabad
On 3-04-2023, the news was released that the Capital Development Authority (CDA) is advertising commercial plots in different developed areas of Islamabad. The auction is scheduled from May 3 to May 5, 2023, at the Jinnah Convention Centre in Islamabad.
The aim of this initiative is to attract potential investors and generate substantial revenue for the city. Many interested clients are expected to participate in the auction, significantly impacting the commercial real estate market.
CDA has organized an auction for commercial plots in different Islamabad sectors, such as agro farms, petrol pumps, and Class-III shopping centers. Several real estate professionals have deemed this auction a necessary investment chance, which will prove advantageous for local and overseas investors.
If a participant makes full payment within 30 days of receiving the bid acceptance letter, they will receive a 10% rebate from CDA on the remaining amount. Individuals who participate in the public auction will receive commercial plots with legal protection upon possession.
CDA has announced an auction plan for commercial plots. Plots of 1,000 yards have a 3-year payment plan, while plots between 1,000 to 3,000 have a 4-year payment plan. For plots exceeding 3,000 yards, a 5-year installment plan is available.
An auction voucher containing a list of protocols that potential investors must adhere to has been issued by the relevant authority.
The following are the protocols that prospective investors must abide by:
Their first installment must be a bid amount equivalent to 25% of the total sum. This first installment must be submitted within 30 days of acceptance of the bid. In case of late payment, the CDA will collect advance tax pro rata from the investor.
Payments will be received by the CDA through a one-window directorate or via selected bank accounts, which include:
- Habib Bank Limited
- United Bank Limited
- Muslim Commercial Bank
- Bank of Punja
- Askari Bank.
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