Islamabad’s Capital Development authority (CDA) plans to put 58 residential and commercial properties under hammer by 23-25 January 2023. The properties will be sold at an open auction that will be overseen by a committee led by Member Finance CDA. The offers will be presented to the CDA Board
The budget records indicate that the CDA meets majority of its financial needs through auctioneering of commercial and residential plots. The move is aimed at raising Rs.20bn to meet government body’s developmental and non-developmental expenses.
The breakdown of the 58 properties planned for auction is detailed to six plots in different Marakaz, three residential plots in E-11, five plots in blue area, ten agro farms plots, a plot for economy flats, a plot for hotel, two plots for hospital, two industrial plots, four commercial plots in Park Enclave, four plots for petrol pumps, seven plots for class three shopping center, a plot for school in E-11 and 12 residential plots in Park Enclave.
The CDA is reported to offer 5pc discount to overseas Pakistanis and a 15pc refund policy for payment in full within 30 days subject to any issue of the provisional bid letter. Currently the authority has paced up the development works.
A senior official said that if the auction succeeded to take place in January as planned, the authority will be able to easily manage the finances for the ongoing projects; otherwise a shortage of funds may keep the projects from running.
