The Capital Development Authority (CDA) is reportedly considering leasing school plots worth billions of rupees, rather than auctioning them openly.
It should be recalled that in April last year, the civic authority approved a policy allowing school plots to be rented for 33 years. However, CDA decided to put the policy on hold.
Now, as per a national daily, the current management of CDA is considering the possibility of leasing these plots. It added that a meeting was held last Friday to deliberate on the financial model of the scheme.
However, Member Technology and Digitization Nauman Khalid, who also serves as the spokesperson for the CDA, did not know the policy or the meeting held on Friday.
The national daily, citing sources, confirmed that a meeting took place to discuss the financial model of the scheme. Furthermore, officials decided to convene another meeting soon to address this matter.
Following the approval last year, CDA received an overwhelming response, with over 200 schools submitting applications. The policy was introduced after the authority failed to relocate private schools from residential areas.
The policy involves a 100-point formula, allocating 20% for schools operating in houses and 25% for institutions with monthly fees ranging from Rs. 5,000 to Rs. 15,000.
Furthermore, the CDA board had decided that schools would not be allowed to increase their fees by more than five percent per year.
According to a CDA official, the authority had approximately 100 plots designated for school education. He added that an open auction could generate billions of rupees for CDA.
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