CDA Earns Rs. 1.8bn by Selling 9 Plots for New Food Street in ISB
On the first day of the auction, the Capital Development Authority (CDA) sold nine Capital Street Islamabad plots for Rs. 1.82 billion.
According to rumours, Nizami Street Baku and City Walk Dubai will serve as inspiration for Capital Street. Each plot is 500 square yards, although only 250 yards can be used for development. Additionally, construction on the street will be limited to one-story buildings only.
Plots on Capital Street Islamabad were sold at the following prices:
- Plot No. 1 auctioned for Rs. 208.5 million
- Plot No. 2 for Rs. 188.5 million
- Plot No. 3 for Rs. 168.5 million
- Plot No. 4 for Rs. 165 million
- Plot No. 5 for Rs. 179 million
- Plot No. 6 for Rs. 153 million
- Plot No. 7 for Rs. 266.5 million
- Plot No. 10 for Rs. 265 million
- Plot No. 11 for Rs. 230 million
Only cafes, restaurants, and bistros would be allowed to be built on the 27-acre Capital Street Islamabad.
The municipal organisation sold these plots for a respectable profit, but as the property is a part of Margalla Hills National Park, environmentalists believe the action to be unlawful.
The same clause could not be changed in 1992, hence the area was once more included in Zone-III and Margalla Hills National Park.
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