Commercial Plots Auction in New Blue Area – CDA Raes up a Staggering Rs. 17 Billion!
The Capital Development Authority has claimed to rake up at least 17 Billion PKR by auctioning 12 plots in the new Blue Area Islamabad. The auction of these prime location plots situated right across F-9 Park on the main Jinnah Avenue took 3 days. According to the CDA, it received bids for 15 plots amounting up to 20.3 Billion PKR but has considered the offers for 12 plots. As per CDA, the highest bid received was 1.5 Million PKR per square yard and the largest plot put on auctioned measured 7000 square yards. This has seemingly ended the first round of auctions as CDA states that 50% of the inventory has been sold.
New Blue Area Project Islamabad
Blue Area Islamabad is the premium commercial hub of the capital and features the most expensive real estate in the whole country. Divided by the historic Jinnah Avenue and located adjacent to Constitution Avenue, Blue Area Islamabad is the financial and business hub of Islamabad and plays an important role in driving the business growth indicators of the city and the country. The new Blue Area was envisioned and presented after the Prime Minister offered a massive tax-relief stimulus package for the construction industry. According to PM Imran Khan, apart from launching other mega projects for the public, portion of the proceeds from the incoming investments by auctioning of new Blue Area plots will be utilized in the Naya Pakistan Housing Program. The Naya Pakistan Housing Program is a civic uplift project of the incumbent government meant for low income households to own accommodation. This project is primarily focused on residents of makeshift squatter settlements spread throughout the country.
The chairman CDA, Amer Ali Ahmed, thanked the winning bidders and investors at large for their dynamic participation during the auction. He reiterated the fact that optimistic investor confidence shows undeterred trust on the policies of the incumbent government and the management of capital development authority. The chairman CDA also added that the auction winners will be facilitated through-out the process. A turnkey one window operation desk will be constituted at CDA for quick processing of bidder payments as well as fast building approvals etc. The chairman also thanked the CDA Auction Committee – comprising of senior CDA members – as well as the whole auction team for turning this event into larger than anticipated success.
Benefits for winners of Blue Area Auction by CDA
In order to facilitate the winning bidders, the CDA will provide a dedicated single-window facility to them. This will be done for quick activation of constructions activity on sold real estate. A quicker activation of constructions activity will ensure ramping up of economic and employment activities. Apart from this, following are special incentives provided by CDA in order to better accommodate the successful bidders:
- The successful bidder will have to make their first installment of 25 percent of the whole amount within the first 30 days of bid acceptance.
- The building plan approval will be granted on receipt of the first installment.
- 10% discount will be offered on full payment in advance.
- 100% coverage will be allowed to plots measuring less than 1000 square yards.
- 70 to 75% coverage will be allowed to plots measuring more than 1000 square yards.
- All plots will be landscaped with circulation strip to facilitate ample public parking.
- All winning bidders who manage to get their building plans approved by 31st December will be able to enjoy reduced tax rate as well as exemption from declaring the source of income.
As per senior real estate analysts at Deals & Deals (Pvt) Ltd, the auction of the premium plots in the new Blue Area will push the real estate and construction industry of the Capital in the right direction. The construction of these plots will trigger economic activities such as employment opportunities etc. Deal & Deals (PVT) Ltd is a premium real estate agency serving the real estate needs of Islamabad and Rawalpindi. We are the authorized dealers of Capital Smart City, Park View City, and Blue World City etc. For more details about our real estate services, please call us at (+92) 304 111 (DEAL) 3325 or email firstname.lastname@example.org.