Blue Area plots go under the hammer next week

PM has ordered expansion of the neighbourhood

ISLAMABAD:

The apex civic agency of the capital will put under hammer prime location real estate in a series of auctions next week.

Capital Development Authority (CDA) has finalised preparations to hold auction of Blue Area commercial plots on July 15, 16, and 17, a statement said on Saturday.

PM Imran Khan had inaugurated the new section of Blue Area adjacent to F-9 Park on March 1. According to PM Imran, the Blue Area expansion would create investment opportunities for expatriate Pakistanis, besides generating employment for thousands of people.

The federal government has decided to expand the existing size of the commercial area in the city by establishing another commercial zone.

Islamabad Blue Area project will attract foreign investment: PM Imran

In this regard, Prime Minister Imran Khan approved the ‘New Blue Area’ project in February over 170 kanals of land near Sector F-9 Park while international standards would be followed in the construction of the new commercial zone

CDA said the auction is being held in line with government policy to promote economic and investment activities in the country, the statement said. CDA is offering a wide variety of plots between 600 square yards to 10,000 square yards for purposes ranging from filling station to hotel.

The authority said it was trying to attract maximum investors to participate in the auction. Print and electronic media advertisement campaigns are being run through leading newspapers and television channels for this purpose. Bill boards have been installed in major cities including Lahore and Peshawar. Similarly banners and steamers have been installed across Islamabad. The auction will be held at Jinnah Convention Center, Islamabad.

PM Imran approves ‘New Blue Area’ project

Blue Area, New Vision, reflects foresight of CDA administration regarding upcoming auction of New Blue Area plots because this will provide a unique opportunity for businessmen and investors to promote their businesses and brands in the newly developed business hub of the capital.

The authority has taken special initiatives for prospective bidders which include dedicated team to facilitate investors at every step, first instalment of 25 per cent within 30 days of bid acceptance, building plan approval facility after first instalment, 10 per cent discount on full payment in advance, advance income tax on pro rata basis and 100 per cent coverage for less than 1,000 square yards plots, 70 to 75 per cent coverage for plots size more than 1000 square yards, every plot with all round circulation strip, ample public parking and application of newly developed building bye laws are also among special initiatives taken for investors for New Blue Area plots.

 

Published in The Express Tribune, July 12^th, 2020.