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2nd day CDA Auction of Commercial Plots

Islamabad: July 16, 2020: Capital Development Authority (CDA) continued to receive enthusiastic response from investors on second day of auction of Blue Area commercial plots. Two days of auction proceedings witnessed highly encouraging response from a large number of investors who came at Jinnah Convention Centre, Islamabad to participate in auction proceedings. Participation of Enthusiastic investors in a large number in auction proceedings reflects their confidence in CDA and Prime Minister s Construction Package.

On second day of auction proceedings, Capital Development Authority considered bids of four plots amounting to 5.54 billion rupees. On first day CDA received auction bids against seven plots amounting to 11.7 billion. The auction committee however considered offers for four plots amounting to Rs.7.25 billion which was equal to the expected proceeds from this auction as per CDA budget estimates. Collectively, during two days of auction proceedings, the auction committee received auction bids amounting to Rs.17.24 billion, however, considered bids of eight Plots amounting to 12.8 billion rupees

The auction proceedings which started on July 15, 2020, continued on July 16 and will continue on July 17, 2020 as well. CDA has announced special incentives for this auction which include dedicated team to facilitate incentive at every step, first installment of 25 percent within 30 days of bid acceptance, building plan approval facility after first installment and 10 percent discount on full payment in advance. Similarly advance income tax on pro rata basis and 100 percent coverage for less than 1000 sq.yd. plots. 70 to 75 percent coverage, every plot with all round circulation strip, ample public parking while application of newly developed building bye laws, approval of building plans after first installment and the bidders who get their building plans approved by December 31, 2020 will be eligible for the benefit of PM package for construction industry which include reduction in tax rate from 29% to 10% and exemption from source of income declaration.

CDA has constituted a committee consisting of 10 members to conduct the auction. Member Finance CDA is chairman of the committee while Member Estate, Member P & D, DFA-II, DG Law, Director Public Relations, Director Urban Planning, Director Regional Planning, Director EM-II and Director Finance are members of the committee.

Bids received will be presented before CDA Board which is competent forum for acceptance of bids.