The Capital Development Authority (CDA) has revised the parking requirement for commercial buildings during its ongoing three-day auction of commercial plots in Islamabad, reducing the requirement from one car parking space per 750 square feet of covered area to one car parking space per 1,000 square feet. The revised standard will apply to all commercial plots being auctioned in the current sale and future auctions. According to a public notice issued by the CDA, the decision was taken following requests from builders, developers, and the Islamabad Chamber of Commerce and Industry (ICCI), and after consultations with the stakeholders.

The revised standard will apply to all commercial plots being auctioned in the current sale and future auctions. According to a public notice issued by the CDA, the decision was taken following requests from builders, developers, and the Islamabad Chamber of Commerce and Industry (ICCI), and after consultations with the stakeholders.

The authority said the updated parking standard had already been communicated through social media, news reports, and other media platforms, adding that the notice was issued in the interest of the public and stakeholders.

The three-day auction of commercial plots, being held at the Jinnah Convention Centre from August 4 to 6, generated Rs. 16.438 billion during its first two days. On the second day, the CDA auctioned Agro Farm No. 18 on Murree Road for Rs. 1.212 billion, while Agro Farm No. 17-A, also located on Murree Road, was sold for Rs. 966 million. Several built-up shops at the Blue Area Parking Plaza were also auctioned.

According to the auction results, Shop No. 8-A at the Blue Area Parking Plaza was sold for Rs. 152.646 million, Shop No. 10-A fetched Rs. 147.706 million, and Shop No. 12-A was auctioned for Rs. 153.634 million. The total value of properties sold on the second day stood at Rs. 2.632 billion, compared to Rs. 13.807 billion generated on the opening day of the auction.

Chairman of the Auction Committee Muhammad Umair said the auction provides investors with an opportunity to acquire commercial properties in the federal capital. He said the revenue generated would be used to improve city infrastructure, complete major development projects, enhance civic services, and address Islamabad’s water-related issues.

He added that all bids would undergo detailed scrutiny before being submitted to the CDA Board, which has the authority to approve or reject them.

Get the latest automobile news, car launches, bike reviews, videos and analysis wherever you prefer.

Add ProPakistani to Preferred Sources and see more of our stories in Google Search and Top Stories.