[vc_row][vc_column][vc_column_text dp_text_size=”size-4″]The Capital Development Authority (CDA) has made remarkable strides in its food street project in Islamabad by conducting a highly successful auction for 18 plots on Capital Street, generating an impressive revenue of Rs. 3.827 billion over two days.
On the first day of the auction, nine plots were sold, bringing in a substantial amount of Rs. 1.82 billion. Following this initial success, the auction committee received bids totaling Rs. 2.07 billion for another nine plots, each measuring 500 square yards. These plots are situated in a prime location within the federal capital.
Two plots, numbered 12 and 13, emerged as the top attractions, fetching bids exceeding Rs. 350 million each. The proposed Capital Street spans a vast area of 27 acres near the Pak-China Centre, close to Garden Avenue and 7th Avenue. The CDA has taken on the responsibility of providing all necessary facilities for this ambitious project.
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Some real estate experts speculate that the CDA could potentially earn even more by considering re-bidding the plots due to their central location. Nonetheless, others view the auction results positively, considering the semi-commercial nature of the plots.
The ultimate vision for Capital Street is to establish a prominent food and entertainment hub in the heart of the metropolitan area, drawing inspiration from internationally acclaimed developments like JBR Dubai, City Walk Dubai, and Nizami Street Baku. With the successful conclusion of this auction, the project is now all set to take off, promising to introduce an exciting new culinary experience to the capital city.[/vc_column_text][/vc_column][/vc_row]
