ISLAMABAD: City managers are expecting revenue of over Rs5 billion from the auction of 29 commercial plots being held at the end of this month.

“We are expecting revenue of Rs5 to Rs7 billion. Previous auctions during the last one year or so remained successful due to business friendly policies. So this time too, we are expecting handsome revenue,” said CDA Chairman Amer Ali Ahmed.

According to a statement issued by CDA on Sunday, the three-day auction will start from March 29 at Jinnah Convention Centre in Islamabad. The commercial plots of sector D-12, G-6, G-10, G-11, G-8, Blue Area, I-8, F-8, F-11, I-12 and other developed sectors will be presented for auction.

The statement said that plots of five star hotels, apartment hospitals, and petrol pumps would also be presented for auction.

It said that in a bid to provide the best opportunities of investment CDA has presented the plots in developed sectors for auction.

“The authority has devised a special team to facilitate and guide the investors in this regard. Brochures of plots for auction are available at one window directorate and in the branches of selected bank.

CDA has also given an option of online buying of these brochures.

Auction committee has decided to give 10pc discount to those who would pay amount within 30 days of their successful bids,” it said and added that committee had issued directions for the approval of building plan after the payment of first installment.

The statement further said that investor would be given permission of construction on plot only when he would pay whole price of plot, adding that investors who would get the approval of building plan done before June 30, they would be eligible to get benefit from Prime Minister Relief Package for the construction industry.

Published in Dawn, March 15th, 2021