Islamabad, Sep 4: To increase its earnings, the Capital Development Authority (CDA) intends to auction 200 plots in Sector C-14 and introduce ten new residential sectors.
Although the head of the CDA had previously said that the agency would no longer be auctioning off prime commercial plots, plans are already in place to auction off over 35 CDA-owned commercial plots in the Blue Area and other important business hubs.
Sources claim that brochures for the 200 plots in Sector C-14, each measuring one kanal, up for auction are currently being created. Each plot will have a suggested price of between Rs50 and Rs60 million. In order to apply, prospective buyers must provide a deposit of 25% of the entire cost; this money will be returned if no plot becomes available.
Balloting will be used to conduct the auction. It is estimated that roughly 70% of the development work in Sector C-14 is finished, with the sewage system still requiring work. The winning bidder will have to pay the CDA the entire fee in equal installments over a period of two years. Later this month, the CDA intends to open applications for these plots.
Ten more sectors are expected to start by the next fiscal year, according to further sources. Plots that remain after being distributed to landowners in return for the purchased land will be put up for public auction. In order to guarantee openness, the open voting will take place at the CDA offices with applicants present. NADRA will be involved.
C-13, C-14, C-15, C-16, I-12, E-12, D-13, D-14, F-13, and E-13 are among the newly created sectors.
After fulfilling land acquisition agreements, the major goal of the remaining plots’ auction is to maximize revenue for the CDA while offering residential facilities to the general public. In order to finance more than ten development projects, the current CDA administration is desperately seeking Chinese investment.
The chairman of the CDA traveled to China last week to talk with the China Investment Corporation (CIC) and start planning development projects. For this reason, Shehbaz Sharif, the prime minister, also met with Chinese investors.
