CDA Sells Rs. 3.8 Billion Plots in Two Days For New Food Street
By successfully holding an auction for 18 properties on Capital Street, raising Rs. 3.827 billion over the course of two days, the Capital Development Authority (CDA) has made outstanding progress with its food street initiative in Islamabad.
Nine plots were sold on the first day of the auction, bringing in a sizable amount of Rs. 1.82 billion. Following this accomplishment, the auction committee received offers for an additional nine plots, each measuring 500 square yards, totaling Rs. 2.07 billion. Within the federal capital, these plots are at an excellent location. The top-selling plots at the auction were numbers 12 and 13, which each fetched offers in excess of Rs. 350 million.
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Near Garden Avenue and 7th Avenue, next to the Pak-China Centre, the projected Capital Street spans a sizable 27-acre area. The CDA has agreed to provide all required facilities for this large-scale undertaking.
Due of its strategic location, real estate experts believe that CDA might perhaps gain even more money if they were to think about re-bidding the plots. However, given the semi-commercial nature of the plots, some people see the auction outcomes favourably.
Read More: CDA Earns Rs. 1.8 Bn by Selling 9 Plots for New Food Street in ISB
The ultimate goal of Capital Street is to create a well-known dining and entertainment destination in the middle of the metropolitan area, taking design cues from globally renowned constructions like JBR Dubai, City Walk Dubai, and Nizami Street Baku. With the auction’s successful conclusion, the project is now ready to move forward and promises to provide a brand-new, fascinating culinary experience to the nation’s capital.
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