CDA announces dates for auction of commercial plots in ‘New Blue Area’.

earthpk.com

Islamabad: The Capital Development Authority (CDA) has announced the dates for holding a commercial plots auction in the recently launched ‘New Blue Area’ project – situated the opposite of F-9 Park in the capital city, according to a publication. To this effect, the civic agency has stated that it will organize the event on April 14, 15 and 16 at the Jinnah Convention Centre.

According to details, commercial plots in the Central Business District (New Blue Area) come in sizes between 600 square yards and 10,000 square yards. As per the CDA, these properties are suitable for setting up restaurants, shopping malls, hotels, apartments, offices, and banks.

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What are the benefits of taking part in the New Blue Area auction?

The CDA has revealed a list of benefits it will provide to the interested bidders. The perks include:

  • 10% discount on 100% upfront payment
  • Exemption on Advance Income Tax on a pro-rata basis
  • Building plan approval facility after the first installment payment
  • Availability of a dedicated team for addressing queries

The publication further stated that all construction in the Central Business District would be developed in line with the newly approved building bylaws. As per these bylaws, the developers will be allowed to cover 100% area of the plots measuring up to 1,000 square yards. The covered area specified for plots measuring over 1,000 square yards is up to 75%.

Moreover, successful bidders will be required to pay the first installment within 30 days – following the issuance of the bid acceptance letters. The publication specifies that the developers can only commence construction activities following the complete payment of all installments.

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The project brochures will be available at designated branches of HBL, MCB, Askari Bank and Bank of Punjab from March 5 onwards.

For more information, please visit the CDA Directorate of Estate Management II – situated on Khayaban-e-Suharwardy in G-7/4, Islamabad – or call +92-51-925-2481. You can also visit their website: www.cda.gov.pk.