Three-Day Auction Continues at Jinnah Convention Centre Until August 6, Offering Investment Opportunities in Islamabad’s Commercial Sector
Islamabad (Staff Reporter):
The three-day open auction of commercial plots organized by the Capital Development Authority (CDA) in Islamabad has commenced successfully. On the first day of the auction, commercial plots in the federal capital were sold for a total value of Rs. 13,806.87 million.
The three-day auction of commercial plots will continue until August 6 at Jinnah Convention Centre, providing investors and the business community with a valuable opportunity to purchase commercial properties and invest in Islamabad.
According to details, on the first day of the auction, Plot No. 2 of I-9 Markaz was auctioned for Rs. 529.575 million. Meanwhile, Plot No. 18 in Blue Area was sold for Rs. 9,134.65 million, while Plot C-1 in Blue Area was auctioned for Rs. 3,513.32 million. Similarly, Plot No. 2 in G-6 I&T Centre, Aabpara Market was sold for Rs. 629.32 million.
Thus, a total of four commercial plots were sold on the first day for a combined amount of Rs. 13,806.87 million.
Speaking on the occasion, the Auction Committee stated that, in line with the vision of Prime Minister Shehbaz Sharif and Federal Interior Minister Mohsin Naqvi, special focus is being placed on facilitating businesses, providing maximum facilities to the trader community, and improving ease of doing business.
The Chairman of the Auction Committee said that revenue generated through the auction would be utilized for improving Islamabad’s infrastructure, completing mega development projects, addressing long-standing civic issues, improving public facilities, and resolving water-related challenges. He added that ongoing development projects would be completed on time to further enhance the city’s infrastructure.
The Chairman further stated that the auction reflects the commitment to promoting investment, improving service delivery, strengthening infrastructure, and meeting the growing needs of citizens in Islamabad.
It is worth mentioning that recently a landmark decision was taken to facilitate developers and the business community regarding parking requirements. Under the decision, the parking space standard for commercial buildings has been increased from 750 square feet to 1,000 square feet. The decision will apply to the ongoing auction as well as all future open auctions.
During the three-day auction, commercial plots of different categories are being offered for investment, with a large number of investors and business representatives participating. Plots in various commercial centers, E-11 Northern Strip, Agro Farms, and petrol pump sites are included in the auction. Constructed shops at the Blue Area Parking Plaza are also part of the auction.
Investors are being offered an additional 5% discount for payments made in US dollars, while a 5% discount is also available for full payment within 30 days of approval of the bid. Investors can also obtain building plan approval after making the first 25% payment, while possession of the plot can be obtained after payment of 75%.
The received bids will undergo complete scrutiny before being presented before the CDA Board, which is the authorized forum for approving or rejecting the bids.
The Chairman of the Auction Committee thanked investors for expressing confidence in CDA and reaffirmed the authority’s commitment to improving civic facilities, developing infrastructure, and promoting the overall growth and development of Islamabad.