ISLAMABAD: The Capital Development Authority has geared up for auctioning 58 commercial and residential properties in January 2023 with the aim to fetch Rs20 billion to meet its developmental and non-developmental expenditures.
According to the budget documents of previous years, the CDA fulfills its most of the financial needs by selling commercial and residential plots.
A meeting of the CDA Board is scheduled to be held this week in which an approval for upcoming auction would be solicited.
The city managers have purposed to auction a total of 58 plots including 6 plots of different marakiz, 5 plots of blue area, 3 plots of Northern Strip E-11, an economy flats plot, 10 agro farms plots, an hotel plot, 2 industrial plots, 2 hospital plots, 4 petrol pump plots, 4 commercial plots of Park Enclave, 7 class three shopping centre plots, a plot of school in E-11 and 12 residential plots of Park Enclave.
Sources told that CDA is going to offer 5 percent rebate to the overseas Pakistanis to attract foreign investment while 15 percent rebate will also be given for full payment within 30 days of provisional bid letter issuance in one go. Meanwhile, the civic authority has also increased the timeline to complete the buildings to facilitate the investors, which is being considered as a positive development by concerned circles.
Earlier, the building completion time of all plots was 3 years but now the relaxation of 4 years is given on the plots having more than 1000 square yards area while 5 years are given to the plots having more than 3000 square yards area.
The auction is expected to be held on 23-25 January, 2023 under a committee headed by the Member Finance CDA while Member Estate, Member P & D, DFA-II, DG Law, Director Public Relations, Director Urban Planning, Director Regional Planning, Director EM-II and Director Finance will be members of the committee.
The plots would be sold out through open auction and bids received will be presented before CDA Board which is competent forum for acceptance of bids. At present, the civic authority is doing several development projects at a rapid pace for which it will have to give billions of rupees to the contractors in the next quarter. A senior officer informed that if we remain successful in auctioning plots in January then we will easily manage the funds for the ongoing projects otherwise the authority could face scarcity of funds to keep the projects ongoing.
