Islamabad's Park Enclave-III ‘oversubscribed’

CDA announces plans to hold balloting for plot allotments

ISLAMABAD:

The apex civic authority of the federal capital has said that it received around 500 applications more than the number of plots it offered in its latest housing project, the Park Enclave-III.

As a result, a lucky draw will be carried out to ensure the fair distribution of plots

Officials of the Capital Development Authority (CDA) on Sunday said that they had received an overwhelming response to the Park Enclave-III project which they had announced around a month ago.

For the 1,061 plots offered in the project, they said that they received some 1,600 applications on the back of rising public interest.

Apart from purchasing the brochures for the housing project, CDA officials said applicants have also deposited advance fees with their applications.

To ensure that these people all stand an equal chance of buying their desired plot, ballots will be drawn for allotment of plots in the project. The balloting has been tentatively scheduled to take place on September 24 at the Jinnah Convention Centre.

After announcing the project, CDA erected an iron fence to mark the boundaries of Park Enclave-III while planning for development work in the project are also underway.

It is expected that development work will start in the ongoing fiscal year while the auction for its commercial plots will be held once it is complete.

CDA hopes to generate Rs14 billion in revenues from the new housing project.

As part of the development process, the relevant department of the authority has been instructed to contact the Sui Northern Gas Pipelines Limited (SNGPL) and the Islamabad Electric Supply Company (IESCO) to ensure the provision of amenities such as gas and power to the scheme so that it can be developed simultaneously for the ease of allottees.

Funds for this purpose are being released as per requirement, the CDA officials said.

Further, the authority will also allocate a separate account for the uplifting of the Park Enclave-III.

Auction of commercial plots

Meanwhile, the CDA has announced plans to hold a three-day auction of commercial plots at Jinnah Convention Centre this week.

Commercial plots from various developed sectors of Islamabad will be offered during the auction.

The remaining 12 plots from the Blue Area New Vision will also be put on the anvil.

Similarly, industrial plots, agro-farm plots, apartment plots and class-III shopping centre plots will be included in the auction.

Plots from G-10 Markaz, I-8 Markaz, Diplomatic Enclave, F-10 Markaz, Industrial Triangle Kahuta and various class-III shopping centres including in sectors G-9/1, G-9/2, G-10/3, G-11/4 and I-11/4 will be offered, said a statement issued on Sunday.

The auction is being held in line with the government’s policy for the promotion of the construction industry in the country.

This is the second auction of commercial plots which the CDA is holding within a short period of three months.

Earlier in July, it held the first-ever auction of commercial plots for the Blue Area New Vision.

Investors had expressed overwhelming enthusiasm and the authority successfully auctioned 12 plots in the new commercial strip for Rs17.4 billion.

CDA had constituted a committee headed by Member Finance to conduct auction proceedings which decided not to approve three of the bids.

Published in The Express Tribune, September 21^st, 2020.