CDA Auction Set to Ignite Excitement on January 10th and 12th 2024
Commercial plots in various sectors of Islamabad are available for leasehold allotment, with a term of 33 years and the possibility of two extensions, each for 33 years, subject to standard terms and conditions upon lease renewal. Residential plots are offered on an “AS IS WHERE IS” basis for ownership, adhering to applicable terms and conditions.
The auction for these plots is scheduled at the Jinnah Convention Center in Islamabad from January 10 to January 12, 2024. A streamlined one-window facility is accessible to facilitate participants in depositing dues, taking possession, obtaining building plan approvals, and addressing inquiries promptly. This comprehensive approach aims to simplify the auction process and enhance participant experience in acquiring these valuable plots in Islamabad.
Eligibility Criteria:
- All Pakistani nationals, whether they reside within Pakistan or abroad, are eligible to participate in the auction, provided they furnish a valid NICOP.
- Companies, firms, and societies registered in Pakistan according to the relevant laws are also eligible to take part in the auction.
- Participation in the auction is open to foreign nationals and companies upon obtaining prior permission from the Ministry of Interior, Government of Pakistan.
The person(s) participating in the auction are required to obtain tokens.
Tokens utilized in successful bids will be credited towards the first installment and cannot be applied to subsequent bids. Unsuccessful tokens can be utilized for subsequent bidding or returned to the token holder upon the completion of the bidding process.
- Successful bidders are mandated to acquire additional tokens to partake in the bidding for additional plots.
- If an individual intends to represent another person, company, firm, or society in the auction, a special power of attorney must be submitted at the time of token purchase. Alternatively, a sealed (embossed) resolution or authorization from the company, firm, or society, permitting the individual to participate in the auction on its behalf, must be provided, along with a copy of the certificate of incorporation or registration from SECP.
Mode of Auction:
- The auction will be executed through open bidding, where bids will be presented in Rupees per square yard, forming the basis for calculating the total premium of the plot/site. Bidders are required to raise each bid in multiples of Rs. 3000 per square yard. The bid reserve price for each plot will be communicated during the auction.
- In the case of Agro-Farms, bidders must raise bids in multiples of Rs. 100,000 per kanal.
- Bidders will openly express their bids with the display of their token numbers.
- The provisional acceptance of the bid will be issued in the name of the person(s) to whom the token was initially issued. No requests for changes in name, additions, or deletions will be entertained until the clearance of the premium amount and government taxes.
- Pay orders submitted in advance by participants will be returned to unsuccessful bidders after the auction dates by the Accounts Section, EMII.
- The Authority retains the right to modify or amend the order for the auction of plots.
Terms and Conditions:
- The plot’s site/location shall remain unchanged under any circumstances at any stage. Bidders must ensure satisfaction with the plot’s location, ground position, and surroundings, as no claims regarding these factors will be entertained at a later stage. Plots will be auctioned on an “AS IS WHERE IS” basis. The payment of the plot premium is not contingent on infrastructure development or possession delivery. The successful bidder holds no claim to the plot until 100% premium and government taxes are paid.
- The premium will be determined based on the actual size of the plot at the time of possession handover.
- Premium payment deadlines, as outlined in the provisional offer letter, require the highest bidder to deposit 25% of the premium (adjusted with the Token amount) within 30 days. Failure to do so within the specified period results in the automatic withdrawal of the provisional offer letter and cancellation of the highest bid, with no subsequent claims.
- The Auction Committee retains the right to reject any bid, providing reasons that will be documented in the auction proceedings.
- The Auction Committee/CDA management reserves the right to disqualify any bidder, with proper documentation of the proceedings and reasons for disqualification.
- The finality of auction results is subject to approval by the Board of Capital Development Authority, contingent upon the payment of applicable taxes, duties, or surcharges by the bidder as per prevalent law. Nonpayment within the specified period may lead to the cancellation of the accepted bid.
- The CDA Board will decide on bid acceptance or rejection within 15 working days (excluding holidays), with token money refunded within 15 days (excluding holidays) after the Board’s decision in case of rejection.
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