ISLAMABAD: The capital Development Authority (CDA) is all set to auction commercial plots in various developed sectors of the federal capital, beginning on May 3, aiming to generate more revenue for the city and attract investors to participate in the auction.

Talking to APP, an official in the authority urged interested investors to participate in the auction, which will take place at the Jinnah Convention Centre in Islamabad. The development is expected to have a significant impact on the commercial estate market in the capital city.

He said the auction in various sectors of the Islamabad capital territory would continue till May 5, adding that the authority has already publicized the auction schedule of various plots in different newspapers.

The official said that the real estate experts have announced it as a must-avail investment opportunity for investors nationwide and overseas. The participants investing in the public sale can possess commercial plots with ‘legal protection.’

The details about the commercial plots located in the developed sectors of the federal capital included various centres, agro farms, petrol pumps, E-11 northern strip, Class-III shopping centre, Park Enclave commercial and Blue Area E-11/F-11, Canopy side, he added.

The participant, the official said that whoever submits full payment within 30 days of the bid acceptance letter would be offered a 10 percent rebate on the remaining amount.

He said the list of protocols announced by the authority in the auction voucher for prospective investors included a facilitation team presence is mandatory for the assistance of investors, 25 percent amount of the bid amount would be considered the first instalment, 1st instalment should be submitted within thirty days of bid acceptance, CDA to collect the advance tax on a pro-rata basis, site and marketing offices charges would not be included, building plan will be approved after the submission of 1st instalment centres.

The official said the CDA auction voucher allowed accommodated investors with a one-window directorate to make their payments. The investors can also pay through selected Askari, UBL, HBL, MCB, and Bank of Punjab branches from March 25 onwards.

The official said the CDA advertisement also included details about the flexible completion period for commercial plots included 3 years: 1,000 yards, 4 years: 1,000 to 3,000 yards and 5 years above 3,000 yards.