Favoritism in the Capital Development Authority (CDA) is on the rise as officials of the top civic agency have sold out a precious plot for a lot less, inflicting a Rs. 10 billion loss to the national exchequer.
According to a Daily Times report, a piece of land in the New Blue Area was sold out on September 23 at a price that was even lower than the reserve price. The report suggests that the plot was sold out at Rs.1.15 million per square meter against the reserve price of Rs.2.2 million per square meter. Plot number 22-A, adjacent to it, was sold at Rs.1.8 million per square meter.
The report says quoting ‘reliable sources’ that the plots have not been transferred to the buyers yet. It says that after facing serious reservations from officials and investors, the CDA high-ups have decided to ‘regularize’ the transfer during the forthcoming auction.
A CDA board meeting has been called to find a way out. Reportedly, the top officials have decided to lower the reserve price for the said plot to make it look like a legitimate transfer.
Commenting on the development, a CDA official said on the condition of anonymity that the scandal has caused not only a massive loss to the national exchequer but also an embarrassment for the authority.
On the other hand, the investors who participated in the recent auction of the plot demand retrieval of the plot and want it listed in the auction scheduled for December.
Meanwhile, the CDA spokesperson, Asim Khichi, has expressed ignorance in this matter. When contacted, Asim said that the matter involves Estate Wing and that he is totally unaware of the issue.