CDA Auctions Off The Most Expensive Plot in Islamabad
The most expensive plot of Islamabad situated in the well-known commercial centre, Blue Area, has been sold for PKR 8.54 Billion.
The Capital Development Authority (CDA) recently held an auction for the most expensive plot in the history of Islamabad, which is located in the well-known commercial centre, Blue Area. This plot measures 5,952 square yards (10 Kanal) and was sold for PKR 1.435 million per square yard, bringing in a total of PKR 8.54 billion.
The three-day auction of plots took place in different sectors of Islamabad, and former Chairman of CDA and Chief Commissioner, Captain (r) Muhammad Usman Younis, stated that four plots had been sold so far with a value of PKR 11.95 billion. The prime location of the Blue Area plot makes it ideal for a high-rise development or shopping mall, and it is expected to generate a high return on investment.
Additionally, a total of PKR 1.3 billion was received for two plots in I-14 Markaz, and another plot in I-8 Markaz with a market price of PKR 1.2 billion is likely to bring in PKR 1.5 billion at the auction. The auction is continuing for three days at Jinnah Convention Center, where a large number of investors are actively participating. Various categories of residential and commercial plots are up for auction.
The CDA has decided to auction off numerous plots situated in various developed sectors of Islamabad in order to complete several ongoing development projects. This decision has been praised by the Chairman of the CDA and other political figures.
As per the bidding rules, the successful bidder may pay the plot price to the government in three to five years. Furthermore, a 10% discount will be given on the total amount if the bidder pays as a lump sum. The auction is supervised by a committee headed by the CDA member finance, with other committee members including Member State, DG Law, Member Planning and Design, DFA-II, Director Finance, Director Public Relations, Director Regional Planning, Director Urban Planning, and Director State Management-II.