ISLAMABAD    -   Auction of commercial plots being organised by Capital Development Authority will commence today i.e. September 21, 2020 at Jinnah Convention Centre.

The three-day auction will continue on September 22, 2020 and will conclude on September 23, 2020. Arrangements in this regard have been finalised. The auction is being held in line with policy of the government for promotion of construction industry in the country. This is second auction of commercial plots CDA is going to hold within short period of three months. In July, CDA held historic auction of commercial plots, the investors expressed overwhelming enthusiasm and CDA auctioned 12 plots of Blue Area New vision against Rs17.4 billion. During the three-day auction proceedings, Capital development Authority will offer commercial plots from various developed sectors of Islamabad. Plots from Blue Area New Vision will also be offered for auction.

Similarly, industrial plots, agro farm plots, apartment plots and class III shopping centre plots will also be offered for auction. Plots from G-10 Markaz, I-8 Markaz, Diplomatic Enclave, F-10 Markaz, Industrial Triangle Kahuta and various class III shopping centres including G-9/1, G-9/2, G-10/3, G-11/4 and I-11/4 will be offered during upcoming auction. CDA has constituted a committee headed by Member Finance to conduct auction proceedings.

Meanwhile, CDA has received 1,600 applications against 1,061 plots of Park Enclave III. The plots would be allotted through balloting on Thursday at Jinnah Convention Centre Islamabad. According to a press release issued on Sunday by CDA, the authority is likely to generate around Rs14 billion just with this response. Now, commercial auction of Park Enclave-III will follow during the developmental phase. The management has directed that apart from physical infrastructure, work on electrification and gas supply must be started so that complete solution is provided to proposed residents. Necessary funds are being allocated and separate account for development will be maintained.