New Blue Area's commercial plots attract record investment of over Rs12 bln

ISLAMABAD: The government has recorded a historical investment of over Rs12 billion during the two days of the auction of the newly-launched project of New Blue Area in Islamabad, ARY News reported on Thursday.

During the second day of auction organised by the Capital Development Authority (CDA), the authorities have approved bids of four commercial plots of worth Rs7.24. The spokesperson of CDA said that the participation of investors in the auction events has exhibited their confidence over the business-friendly policies of the federal government.

The capital development authority has so far collected overall Rs12.79 billion revenue after the auction of eight commercial plots of different sizes.

The Islamabad’s New Blue Area project showed the commitment of Prime Minister Imran Khan to promote the construction industry which became a successful experience of the federal government. The government is expected to collect a revenue of Rs15 billion by auctioning commercial plots.

It emerged that the auction of 2,500 yards plots held on Wednesday (yesterday) had attracted huge investment, said CDA officials.

It is noteworthy to mention here that the Capital Development Authority (CDA) had decided to organise three-day auction from July 15 to 17 at 10:00 am for the Islamabad New Blue Area’s commercial plots situated before the F-9 Park, Jinnah Avenue.

On March 1, Prime Minister Imran Khan had announced the Blue Area multi-billion commercial project in Islamabad will not only create jobs but will attract investment from overseas Pakistanis. He had said that one mega project on its pattern will be launched in Lahore and on in Karachi soon.

The premier had approved the plan in February to develop a commercial city named ‘New Blue Area’ within the limits of federal capital Islamabad. The government had allocated a 170 canal land in front of F-9 Park in the capital city for the project. The commercial city project will be developed on international standards and the government would be able to generate a huge revenue from it