ISLAMABAD: The Capital Development Authority (CDA) on Monday launched a three-day auction of residential and commercial plots in Islamabad, attracting strong interest from investors.
The auction process is being supervised by the Member Finance and an auction committee constituted under his leadership to ensure transparency and smooth conduct. Officials said a large number of investors are participating in the bidding.
The auction will continue until December 24 at the Jinnah Convention Centre. Various categories of residential and commercial plots are being offered, providing investors with an opportunity to invest in prime locations of the federal capital.
According to CDA, the plots up for auction include properties in different commercial centres, the E-11 Northern Strip, agro farms, petrol pump plots, as well as constructed shops in the Blue Area. Residential plots from different sectors of Islamabad are also part of the auction.
Under its investor-friendly policy, the CDA has introduced multiple facilitation measures. A five percent discount is being offered on commercial plots for payments made in US dollars. An additional five percent discount will be available on commercial plots if full payment is made within 30 days of approval of the bid.
The authority has also allowed approval of building plans after payment of the initial 25 percent, while possession of the plot will be handed over upon payment of the remaining 75 percent.
Officials said all received bids will be thoroughly scrutinised and subsequently presented before the CDA Board, which is the competent forum to approve or reject the bids.
