ISLAMABAD: The city managers are planning to put 26 commercial plots in Blue Area, including a plot for five-star hotel, on auction in April expecting to fetch Rs30 billion.
However, the Capital Development Authority (CDA) has decided to auction the plots located only in G-9 portion of Blue Area.
The said G-9 portion of Blue Area is a part of the master plan of Islamabad and after resizing of the commercial plots, it will be named as “New Blue Area.”
“We are expecting a revenue up to Rs30 billion,” said an official of the CDA, adding that every possible effort will be put in place, including massive media campaign and road shows, to attract potential investors.
In the previous board meeting held last week, the civic agency had decided to conduct auction of commercial plots in various areas in March but in the Thursday’s meeting, the auction had been rescheduled.
The sources said the PTI government had been pushing the CDA to auction the plots as it wanted to generate funds for the New Pakistan Housing Development Authority (NPHDA) projects.
The sources, however, failed to explain as to how the CDA would be able to help the NPHDA in executing its projects.
In order to lure investors, they said, the CDA planned to offer a special package that would include 10 per cent rebate for paying the amount in one go and one month time, instead of 10 days, for payment of first installment of 25pc amount by the successful bidders.
Similarly, the sources said successful bidders would be allowed to deposit advance tax with installments of plots.
As per CDA’s auction practice, the bidders are supposed to pay the price of the plots in one year time in four installments.
The CDA board also decided that five per cent of the total income generated from the said auction would be spent on the development of Blue Area by providing better facilities to investors and businessmen community.
When contacted, CDA’s spokesperson Syed Safdar Ali confirmed that the board meeting had decided to hold auction of the plots of Blue Area in April.
Published in Dawn, February 28th, 2020