New Blue Area project in Islamabad has received a colossal investment of more than Rs. 12 billion in just 2 days of auction.
Capital Development Authority (CDA) has organized a 3-day auction from July 15 to 17 for the commercial plots of the New Blue Area situated on Jinnah Avenue in front of the F-9 Park. The 3-day auction will come to an end today.
So far, CDA has auctioned 8 commercial plots of various sizes and collected Rs. 12.79 billion. The municipal corporation approved bids for 4 commercial plots of worth Rs. 7.24 billion on the second day of the auction.
A spokesperson for the CDA has said that the New Blue Area project is a testament to the efforts of Prime Minister Imran Khan to promote the construction industry in the country. The participation of investors in the auction process shows their confidence in the business-friendly policies of the incumbent federal government.
CDA expects to receive a total investment of Rs. 15 billion by the end of the 3-day auction process. The corporation will use the investment raised from the auction process to launch different projects in Islamabad for the betterment of the residents.
On 1 March, PM Imran Khan had visited the proposed site of the New Blue Area project before formally launching the project.
The 3-day auction process was originally scheduled to be held from April 14 to 16. However, the Coronavirus outbreak in the country in late February and subsequent lockdown made the organization of the auction process impossible in April.
PM Imran Khan had formally approved the plan of the New Blue Area project in February after CDA allocated 170 Kanals for the project on Jinnah Avenue.