| Islamabad: The Capital Development Authority (CDA) took a giant step towards the start of an innovative food street project in Islamabad by auctioning 18 plots of Capital Street for Rs3.827 billion on the completion of a two-day auction here on Friday.
The auction committee followed the first day’s auction of nine plots for Rs1.82 billion with receiving bids of Rs2.07 billion for another nine plots each measuring 500 square yards at a lucrative site in the federal capital.
Out of nine plots that were auctioned on Friday, it was plot number 12 and 13 received the highest bids of over Rs350 million each. The Capital Street to be located adjacent to Pak-China Centre near Garden Avenue and 7th Avenue, would span over 27 acres of land and the civic body would be responsible for providing all the facilities.
As the site of Capital Street is located in the heart of the metropolitan, the real estate experts feel that the civic body could still earn if it goes for re-bidding. However, to some, the authority has been able to fetch good money keeping in view the semi-commercial nature of the plots. Capital Street would be developed on the pattern of JBR Dubai, City Walk Dubai, and Nizami Street Baku. |
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