- CDA fulfills its financial needs by selling plots.
- CDA board to approve auction this week.
- Offers 5% rebate to overseas Pakistanis to attract investment.
ISLAMABAD: The city managers of the federal capital are preparing to auction 58 commercial and residential properties in January 2023 with an expectation to fetch Rs 20 billion to meet its developmental and non-developmental expenditures.
According to the budget documents of the previous years, the Capital Development Authority (CDA) fulfills its financial needs by selling commercial and residential plots.
A meeting of the CDA Board is scheduled to be held this week in which approval for the upcoming auction would be solicited.
The city managers have intended to auction a total of 58 plots including six plots of different marakiz, five plots of Blue Areathree plots of northern strip E-11, an economy flats plot, 10 agro farms plots, a hotel plot, two industrial plots, two hospital plots, four petrol pump plots, four commercial plots of Park Enclave, seven class three shopping center plots , a plot of school in E-11 and 12 residential plots of Park Enclave.
Sources told that the CDA is going to offer a 5% rebate to overseas Pakistanis to attract foreign investment while a 15% rebate will also be given for full payment within 30 days of provisional bid letter issue in one go.
The auction is expected to be held on January 23-25, 2023 under a committee headed by the member finance CDA 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 will be part of the committee.
The plots would be sold out through open auction and bids received would be presented before the CDA Board which is the competent forum for acceptance of bids.
At present, the civic authority is doing several development projects at a rapid pace for which it will have to give billions of rupees to the contractors in the next quarter.
A senior official informed that if CDA remains successful in auctioning plots in January then it will easily manage the funds for the ongoing projects otherwise the authority could face scarcity of funds to keep the projects ongoing.
Meanwhile, the civic authority has also increased the timeline to complete the buildings to facilitate the investors, which is being considered a positive development by concerned circles.
Earlier, the building completion time of all plots was three years but now the relaxation of four years is given on the plots having more than 1,000 square yards area while five years are given to the plots having more than 3,000 square yards area.