| ISLAMABAD-The Capital Development Authority fetched Rs1.82 billion on the first day of auction where a total of 9 plots of Capital Street Islamabad were sold out.
The city managers have earmarked a total of 50 plots measuring one kanal each and 15 small shops in the area of Shakarparian but put only 20 plots for auction in the first phase to the national and international food brands.
The project is titled ‘Capital Street’ and it is being claimed that the project will be established on the pattern of City Walk Dubai and Nizami Street Baku.
The total area of each plot is 500 square yards but only a ground plus one story structure would be allowed to be built on 250 square yards while the rest of the land would remain open.
On the first day of auction, a considerable number of potential buyers participated and a total of 9 plots have been sold out against a sum of Rs1.82 billion.
As per details, Capital Street Islamabad’s Plot No. 1 was auctioned for Rs208.5 million, Plot No. 2 for Rs188.5 million, Plot No. 3 for Rs168.5 million, Plot No. 4 for Rs165 million, Plot No. 5 for Rs179 million, Plot No. 6 for Rs153 million, Plot No. 7 for Rs266.5 million, Plot No. 10 for Rs265 million, and Plot No. 11 for Rs230 million.
Capital Street Islamabad will be spanning over 27 acres and only cafes, restaurants and bistros could be established over the plots allotted by the CDA and no other use will be permissible.
Though, the city managers got a reasonable output by selling these plots but circles concerned considers the move as against the prevailing laws because the area falls under the definition of Margalla Hills National Park.
The said area falling between Srinagar Highway, Murree Road and Islamabad Expressway was initially categorized as ‘Sports Centre’ in the master plan of Islamabad.
But, later in 1979, when the limits of the Margalla Hills National Park were defined through an official SRO, the same was included into it — limiting the use of said area.
Furthermore, while formulating zoning regulations in 1992, the same provision could not be rectified and again the area is made part of the Zone-III and Margalla Hills National Park. |
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