Blue Area plots to auction in July

 

ISLAMABAD: The Blue Area plots earmarked earlier, will be auctioned by the Capital Development Authority (CDA) on July 15, 16 and 17 as an incentivised package. 

The ‘Blue Area, New Vision’ bidding process will be held under the Prime Minister’s vision of Naya Pakistan at the Jinnah Convention Centre, Islamabad.

This initiative will serve as an opportunity for the investors and businesses to promote businesses in the commercial hub of the federal capital, announced CDA’s Director Public Relations Mazhar Hussain.

To attract maximum investment under the initiative, the CDA is auctioning a wide variety of plots, measuring from 600 square yards to 10000 square yards.

The purpose of the auctioned plots ranges from developing a petrol pump to constructing hotels.

The funds generated from the auctioning will be utilised to develop projects in Islamabad.

A 10 member committee comprising of Member Finance CDA as the chairman, 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 as members has been formed authority.

 

To accommodate the bidders, the authority has approved several measures, including 10% discount on full payment in advance, the first instalment of 25% within 30 days of the bid acceptance letter issuance, providing building plan approval facility after first instalment and construction to start on full payment, advance income tax on pro-rata basis, 100% coverage for less than 1000 Sq. yd. plots, 70-75% ground coverage for plots above 1000 Sq. yd, every plot to have circulation strips, and ample public parking and application of newly developed building bylaws.

A dedicated team will also be set up to accommodate investors.

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