ISLAMABAD: The Capital Development Authority (CDA) said on Sunday its recent auction of plots in Blue Area was successful as it received the first installments from all successful bidders.

The CDA recently auctioned 12 plots in Blue Area against Rs17 billion and successful bidders were supposed to deposit the amounts in one year; all of them deposited their first bids collectively amounting to Rs7 billion.

“Our auction, after deposit of first installments, is successful and mature now,” said CDA Chairman Amer Ali Ahmed.

Talking to Dawn, he said funds generated from the auction will not only be spent on development of Blue Area but other areas of the capital city as well.

A statement issued by the CDA said the authority had received first installments for all plots in advance before expiration of the closing date.

“This is indeed encouraging for the authority and the city. The response from investors reflects their trust in CDA and policies of the government regarding construction industry. Over Rs7 billion have been received in this regard,” the statement said.

It said two developers had also made full payments.

“Development work for services provision to new Blue Area is likely to start from next week whereas grid station is already ready and work on one pedestrian crossing has also started. The funds thus generated will be spent on uplift of the city for which planning and initial works have already started,” it said, adding roads, sidewalks, street lights and drains will be rehabilitated on an urgent basis.

The CDA had conducted the auction of plots in Blue Area (G-9 portion) while offering an incentive package to bidders.

They were given several relaxations in terms of tax rebates along with sufficient parking facility and special desk for approval of building plans.

Blue Area is a commercial district in the city and is fully developed, starting from D-Chowk till the Centaurus Mall and now with the auction of plots in its G-9 portion, a five-star hotel will likely be constructed on one of the auctioned plots.

Published in Dawn, September 14th, 2020