ISLAMABAD: Prime Minister Imran Khan on Sunday said the Blue Area project of auctioning plots with incentives would provide jobs and also attract investments from overseas Pakistanis.

The prime minister visited the site where CDA has planned 26 commercial plots for special auction to be held from April 14 to April 16. He was briefed on the project by CDA Chairman Amer Ali Ahmed and the chairman of Naya Pakistan Housing Development Authority (NPHDA).

“Launching the Islamabad Blue Area multi-billion rupee commercial project today which will not only provide jobs but will also attract investment from overseas Pakistanis. One mega project is to be launched in Lahore and one in Karachi soon,” the premier tweeted on Sunday.

Meanwhile, a press release issued by Prime Minister Office stated that Mr Khan visited the proposed site in Blue Area.

A campaign for the open auction of plots scheduled to be held from April 14-16 is being launched from Monday. The proposed site is located across the road opposite F-9 Park which is an approved Blue Area.

Receipts from auctioning of commercial plots will be utilised for rehabilitation of Islamabad

The prime minister was told that the receipts from the commercial auction will be utilised primarily for rehabilitation of Islamabad, provision of services and improvement of the environment.

A portion will also be utilised for construction of low cost housing to accommodate dwellers of the approved katchi abadis through NPHDA.

This, coupled with several incentives to the construction sector including ease of deposit in advance tax on pro-rata basis, will encourage investment, result in job creation and speed up economic activity in the country.

Particular instructions were issued to preserve trees in this venture.

On the direction of the federal government, the CDA decided to put on auction almost 26 commercial plots in Blue Area, including a plot for a five-star hotel. The auction in April is expected to fetch Rs30 billion.

The CDA board last week also approved the auction of plots in April. In order to attract investors, sources said, the CDA planned to offer a special package that would include 10pc rebate for paying the amount in one go and one month’s time instead of 10 days for payment of the first installment of 25pc amount by the successful bidders.

Similarly, the sources said successful bidders would be allowed to deposit advance tax with installments of plots. As per CDA’s auction practice, the bidders are supposed to pay the price of the plots in one year in four installments.

Published in Dawn, March 2nd, 2020