Auction for commercial plots under the ‘New Vision for Blue Area’ project in the federal capital will commence today (Tuesday).
The auction will be conducted by the Capital Development Authority (CDA) at the Jinnah Convention Centre and will continue for consecutive days until July 17.
Special arrangements have been made at the convention centre for investors intending to participate in the auction. Desks of different banks will be available at the centre while brochures of plots and tokens will also be available for purchase at the auction venue.
Staff has been deputed to assist bidders while investors will have the facility to prepare pay orders and bank drafts on the spot.
To attract prospective buyers, the CDA has decided to allow bidders to submit the first instalment of 25 per cent payment within 30 days of their bid is accepted. Moreover, the building plan can be approved after the first instalment is paid. Moreover, a 10 per cent discount will be offered if the bidder can pay the full value of the plot in advance.
Similarly, advance income tax on pro-rata basis and 100 per cent coverage for plots smaller than 1,000 square yards.
Published in The Express Tribune, July 15th, 2020.
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