Construction Package giving fruitful results as CDA received record earning in the auction

  • by Admin
  • 3 weeks ago
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Capital Development Authority (CDA) Islamabad has attracted the highest investment in its history.

CDA was able to gather an investment of Rs 17 billion in 3 days.

CDA had selected 24 plots for this auction of Blue Area plots.

Bids worth Rs17.04 billion approved at the end of 3 day auction equal to 2 years earnings of CDA.

The largest plot sold was 7000 yards (1.75 acres).

Highest ever bid amount of Rs. 1.5 million per yard secured.

This also reflects investors’ confidence on the Govt policy.

Govt not only earned handsome amount but this will create more economic activity in the capital and more jobs.

The auction proceedings which started on July 15, 2020 and concluded on July 17, 2020.

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 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 were members of the committee.

Bids received, was presented before CDA Board which was the competent forum for acceptance of bids.

CDA is planning to offer more plots opposite to F8 in October.

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