Auction of Blue Area plots set for July

Commercial structures, hotel & fuel pump will be built

ISLAMABAD: The apex civic authority of the federal capital on Monday announced that next month, it will auction off 24 plots in the city which will become part of its proposed Blue Area business district.

The auction was earlier scheduled to be held in April but was delayed into the next fiscal year after the government imposed a lockdown - to curb the spread of the novel coronavirus (Covid-19).

To be auctioned under the “Blue Area, New Vision” badge, the Capital Development Authority (CDA) will auction the commercial plots over three days on July 15, 16, and 17, at the Jinnah Convention Centre.

A brochure for the auction - available on CDA’s website - states that the authority will be auctioning land in the federal capital’s central business district, adding that the plots are located on a narrow strip of land between Jinnah Avenue and Ibn-e-Sina Road, overlooking the scenic F-9 Fatima Jinnah Park.

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It added that plots in this area will provide an opportunity for businessmen and investors to promote their businesses and brands in the newly developed business hub of the federal capital.

Of the 24 plots up for auction include five for ground-plus-four-storeys for commercial and offices or apartments on the upper floors. One plot is for the construction of a fuel pump and one for the construction of a hotel with a five per cent commercial or business space.

The largest plot on offer has an area of 10,111 square yards - for a ground-plus-four-storey structure. The smallest plot on offer measures 611.11 square yards - for commercial usage.

The base range of the token has been set at Rs50 million while an upper range of Rs100 million has been set.

The CDA said that they have introduced investor-friendly policies for the auction. In this regard, the authority said that they have set up dedicated teams to facilitate investors. Moreover, it will allow the first instalment of 25% to be paid within 30 days of receiving the bid acceptance letter. Moreover, building plan approval facility will be available after paying the first instalment and construction can start on full payment. Moreover, a 10% discount is being offered on full payment in advance and advance income tax on a pro-rata basis. Further100% coverage for plots smaller than 1,000 square yards and 70-75% ground coverage for plots larger than 1,000 square yards.

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Further, the CDA said that the auction process will be open to any Pakistani citizen - irrespective of their current country of residence, and firms registered in Pakistan. Foreign nationals can also partake in the auction, provided they first obtain permission from the interior ministry. 

Published in The Express Tribune, June 23^rd, 2020.