CDA Earns Rs. 1.8 Billion by Selling 9 Plots for New Food Street in Islamabad
The Capital Development Authority (CDA) sold nine plots for Capital Street Islamabad on the first day of the auction for Rs. 1.82 billion.
According to reports, Capital Street will be modeled after City Walk Dubai and Nizami Street Baku. Each plot is 500 square yards, however, construction can only be done on 250 yards of space. Also, only single-story structure construction will be allowed on the street.
Capital Street Islamabad’s plots were auctioned at the following rates:
Plot No. 1 auctioned for Rs. 208.5 million
Plot No. 2 for Rs. 188.5 million
Plot No. 3 for Rs. 168.5 million
Plot No. 4 for Rs. 165 million
Plot No. 5 for Rs. 179 million
Plot No. 6 for Rs. 153 million
Plot No. 7 for Rs. 266.5 million
Plot No. 10 for Rs. 265 million
Plot No. 11 for Rs. 230 million
Islamabad’s 27-acre Capital Street Islamabad will allow the construction of only cafes, restaurants, and bistros.
While the civic agency made a decent profit by selling these plots, environmentalists view the move as illegal because the land is part of Margalla Hills National Park.
Later in 1979, an official SRO specified the Margalla Hills National Park’s borders, barring its use.
In 1992, the same provision could not be corrected, therefore the region was again included in Zone-III and Margalla Hills National Park.
Despite these concerns and the criticism, CDA seems set to continue the project.