CDA likely to revive all stalled projects soon

ISLAMABAD: The Capital Development Authority (CDA) is likely to revive all stalled projects in a couple of months as it has shortened the payment schedule of Rs2.8 billion to be earned from sale of plots through two-day auction from one year to two months.
“Despite shortening of the payment schedule, the CDA has received unprecedentedly the highest bids in its history like Rs360,000 per square yard for a plot in Blue Area,” a senior official of the civic body said on Friday.

He said that it showed that the confidence of bidders and public in CDA is improving, as transparency in decision-making and good governance is being ensured by the current management headed by Syed Tahir Shahbaz.

The second measure, which proved recuperative for the financially-sick CDA, was the strict policy of rejecting the bids offered below the reserved price of Rs275,000 per square yard. Following the same criteria, the CDA Board has rejected eight out of 20 bids.

According to the revised schedule, the CDA would get 25% of total commercial plots price by Monday and rest within two months in two installments.For residential plots, the bidders would pay 40% of approved price by Monday and rest within six months.

The CDA spokesman said the board also rejected the bid of a commercial plot because the bidder had offered the price lower than that of its adjacent plot, despite the bid being above the reserved price of the CDA. He said the shortening of payment plan would help revive development activity in the Blue Area as its development had been stuck up at Khyber Plaza despite the fact that the city’s population has catapulted during recent years.

He said non-extension of the Blue Area and other commercial areas has encouraged the non-conforming use of residential buildings. The CDA had conducted a two-day auction of residential, commercial plots, including economy flats, filling stations and other plots of different sizes and categories in the developed sectors of Islamabad.

The public and officials of the CDA have lauded the efforts of Member Finance Azhar Ali Chaudhry for improving the financial health of the civic body. The CDA Board on Thursday approved the highest bids received for five residential plots in Sector G-10/2 and seven commercial plots located in Blue Area and other locations.

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