Islamabad: The Capital Development Authority (CDA) raised Rs13. 81 billion on the opening day of its three-day auction of commercial plots on Tuesday, with two Blue Area plots accounting for the bulk of the proceeds.
According to the CDA, four commercial plots were auctioned for a combined Rs13, 806. 87 million during the first day of the auction, which will continue at the Jinnah Convention Centre until Aug 6.
The highest bid was received for Plot No. 18 in Blue Area, which was auctioned for Rs9, 134. 65 million. Another Blue Area plot, Plot No. C-1, fetched Rs3, 513. 32 million. In addition, Plot No. 2-G1 in I-9 Markaz was sold for Rs529. 575 million, while Plot No. 2 in G-6 IandT Centre (Aabpara Market) fetched Rs629. 32 million.
A CDA auction committee said the exercise was aimed at promoting investment and facilitating the business community in line with the government’s policy of improving the ease of doing business. The committee said revenue generated through the auction would be utilised for infrastructure development, completion of ongoing mega projects, provision of civic amenities and addressing Islamabad’s water-related issues.
The authority also highlighted its recent decision to relax parking requirements for commercial buildings by increasing the parking space standard from 750 square feet to 1, 000 square feet, a measure intended to facilitate developers and investors. The revised policy applies to the ongoing auction as well as future open auctions.
The three-day auction includes commercial plots in various business centres, E-11 Northern Strip, agro farms, petrol pump sites and built-up shops in the Blue Area Parking Plaza.
The CDA is offering a five per cent discount on payments made in US dollars and another five per cent rebate for buyers making full payment within 30 days of bid approval. Successful bidders will also be eligible to obtain building plan approval after making the initial 25pc payment, while possession of plots will be handed over after payment of 75pc of the total amount.
The civic agency said all bids would be scrutinised before being placed before the CDA Board, which has the authority to approve or reject them.