ISLAMABAD-The Capital Development Authority(CDA) is going to postpone auction of 24 commercial plots in Blue Area due to coronavirus.
The said auction is scheduled to be held in the second week of April 2020 however according to senior officers, the authority is considering postponing auction due to spread of corona virus.
When contacted, a senior officer of the Estate Wing informed that no formal decision in this regard has been made so far but it is expected that the auction would be cancelled due to less interest shown by the investors.
CDA had presented 24 plots of Blue Area with incentives package on the directions of the federal government through a dedicated auction. Prime Minister Imran Khan had formally announced the said project which is being implemented in coordination with the Naya Pakistan Housing Development Authority (NPHDA).
The income received through this special auction would be spent on low cost housing i.e. relocation of slum areas and on the rehabilitation of the capital city.
Earlier, the NPHDA had asked the CDA to do a joint venture in Blue Area, but it could not be materialised due to legal constraints.
However, now the city managers are going to implement the programme on their own, but in line with Prime Minister’s vision.
To attract the investors, a special package would be given to the potential bidders in case of investment in the said area.
The package includes a dedicated section inside the authority to facilitate the investors for this specific project.The first instalment of 25 per cent would be allowed to be paid in one month of the auction date instead of routine 10-day time period. The investors would be required to get approval of their building plans upon submitting their first instalment, however, the construction would not be allowed till final payment.
Moreover, the present 5 per cent discount on full payment would be increased to 10 per cent for these plots, while the advance tax would also be made proportional to the instalments instead of one-time payment. A portion of Blue Area falling in sector G-9, on the southern side of Jinnah Avenue was earmarked for the purpose and it was tailor-made by the authority to attract maximum investment.
Meanwhile, the board had also approved re-planning of aforementioned chunk of land according to the needs of NPHDA through a separate summary moved by the Planning Wing of Capital Development Authority.
In this area, four plots have already been auctioned upon which buildings are under construction while four other commercial plots and a large plot for a five star hotel was still un-auctioned. Furthermore, some of the area remained unplanned comprising upon a nullah and a small graveyard as well.
Now, according to new approved re-planning, there would be 22 commercial plots of different sizes including eight plots measuring 672.22 square yards, four plots measuring 611.11 square yards, four plots measuring 2,000 square yards, two plots measuring 2,500 square yards, two plots measuring 10,111 square yards, a plot measuring 3333.33 square yards and a plot measuring 7,000 square yards.
A hotel plot measuring 7,000 square yards, petrol pump plot measuring 3112.22 square yards and a plot for mosque measuring 1111.11 square yards are also planned whereas a piece of land measuring 14666.66 square yards was earmarked for amenities including graveyard as well but it would be planned later.