CDA Sells Residential & Commercial Plots Worth 40 billion
The recent approval of the auction of residential and commercial; plots by the Capital Development Authority (CDA) board resulted in a three-day open auction in Islamabad. It led to the sale of 42 plots for Rs. 40,956 billion.
The auction’s earnings are the highest of any public auctions that have been held up to this point, it should be mentioned here.
Efforts of the Auction Group
The auction group, which was led by CDA Member, supervised the sale. The group set up efficient procedures to ensure competition and transparency in public auctions. As a result, the investors actively engaged in the bidding process and received the plots of their choice. Captain (retired), Noor ul Amin Mengal, Chairman of the CDA, praised the bidding committee’s efficient actions, transparency, and successful public auction.
To be clear, investors’ attention was mainly directed towards residential and commercial plots of various categories in numerous developed areas of Islamabad, including commercial areas, during the three days of the sale.
Chairman CDA on Gaining Interest of Investors
Captain (retd), Noor ul Amin Mengal, Chairman of the CDA, praised the investors during the final day of the bidding and let them know that a special desk would soon be established in the One Window Directorate, to safeguard their investments. Investors shouldn’t experience any problems of any kind.
Additionally, on this occasion, the CDA management stated that the auction proceedings would be used to speed up the city’s development activities. Particularly, long-stalled development projects will be finished first as a matter of precedence.
To preserve the city’s cash flow for ongoing and upcoming development initiatives, this decision has been made.
The CDA board usually accepts auction results within a few days, but this time the discussion over the Blue Area plots reserved price made it take longer. Successful bidders will receive a certificate of provisional allotment.
CDA to Resume Other Projects
The board also resolved to remove entrance fees for parks and recreational areas all over the city. All parks, including F-9, Lake View, Daman-e-Koh, and Shakarparian, will be free to enter. This is a positive action that will benefit the community and promote leisure time in the city.
In addition, the CDA board has approved 13 new feeder bus routes. Instead of purchasing these buses from the private sector, the National Radio and Telecommunication Corporation (NRTC) will be leased through a government-to-government agreement.
Within 90 days, NRTC will run 200 electric buses on these lines in Islamabad. This choice is consistent with the government’s goal of making Pakistan a healthier, greener nation.
The CDA board also agreed to build six new parking plazas to address the city’s parking issues, including one plaza each at Sectors F-8, I-8, and G-9 as well as in Blue Area, close to Centaurus Mall. At F-10 Markaz, two parking plazas will be built.
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Other significant decisions made at the CDA board meeting included widening a section of the Srinagar Highway and constructing an underpass near the Serena Hotel to relieve traffic congestion.
A consultant will be hired to create a feasibility report and design for the Srinagar Highway expansion from the 7th Avenue Interchange to the Serena Hotel, where this underpass will also be built.
The hiring of a consultant to carry out a feasibility study for the National Bus Terminal, which will be built in Sector I-11, has also been authorized by the CDA board. The city’s transportation infrastructure is anticipated to benefit from this choice.
Recent choices made by the CDA board will significantly affect the lives of the city’s residents and are intended to improve the city’s amenities and infrastructure.