On the first day of the auction, the Capital Development Authority (CDA) of Islamabad made a total of Rs. 1.82 billion from the sale of nine plots for Capital Street Islamabad.
Capital Street would reportedly take design cues from both City Walk Dubai and Nizami Street Baku. Each lot is 500 square yards in size, however only 250 of that can be used for building. Furthermore, the erection of multi-story buildings is prohibited on this route.
Auction results for lots on Capital Street in Islamabad can be found below.
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
On Capital Street Islamabad’s 27 acres, only eateries and cafes would be permitted to open.
This area is part of Margalla Hills National Park, so while the municipal agency made a nice profit from the sale, environmentalists see it as unethical. In a later 1979 SRO, the boundaries of the Margalla Hills National Park were officially established, prohibiting any outside interference.
Since the same rule could not be changed in 1992, the area once again became part of Zone-III and Margalla Hills National Park. In spite of these worries and the criticism, CDA is determined to press on with the initiative.
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