The Capital Development Authority (CDA) has commenced the auction for the esteemed ‘Capital Street’ project in Islamabad, and the results on the first day have been impressive, with 9 plots sold, generating a revenue of Rs. 1.82 billion. Moreover, a total of Rs 3.82 billion has been generated after auction of 18 plots.
Covering an area of 27 acres, the Capital Street project offers 50 one-kanal plots and 15 small shops in the scenic locale of Shakarparian. Initially, 20 plots were made available for auction, inviting national and international food brands to participate in the venture.
The inspiration behind the Capital Street project draws from renowned destinations like City Walk Dubai and Nizami Street Baku, aiming to create a vibrant food and entertainment hub in the heart of Islamabad.
?Each plot measures 500 square yards, with a provision to construct a ground plus one-story structure on 250 square yards, while the remaining land must be kept open.
However, the project’s development guidelines restrict the use of these plots solely to cafes, restaurants, and bistros, disallowing any other commercial purposes.
The first day of the auction witnessed significant interest from potential buyers, leading to the successful sale of 9 plots, fetching an impressive revenue of Rs. 1.82 billion for the CDA.
The winning bids for the sold plots were as follows, with prices ranging from Rs. 153 million to Rs. 266.5 million.
Nonetheless, some concerns have been raised regarding the legality of the project, as it falls within the Margalla Hills National Park. Critics argue that permitting commercial development contradicts existing laws and regulations.