ISLAMABAD: The Capital Development Authority (CDA) in Islamabad has put forth a series of robust regulations to ensure greater transparency and accountability in housing schemes.
These proposed regulations, approved by the CDA board last month and awaiting notification, aim to address various concerns and prevent malpractices in the real estate sector.
One of the key provisions of the proposed regulations requires housing scheme owners to obtain vetted transfer letters for plots from the CDA before handing over possession to allottees.
This measure is aimed at curbing the practice of overselling plots by societies, thereby safeguarding the interests of buyers.
Additionally, to facilitate the construction process for allottees, the board has decided that sponsors (society or project owners) may seek prior permission from the CDA to hand over plots after submitting an undertaking to complete the development work.
Allottees will then apply to the concerned Building Control Directorate of the CDA for the approval of their building plans, which will be forwarded by sponsors.
In the event of default by sponsors, the regulations ensure the protection of the general public and allottees.
Besides, the individual allottees will be approved for the construction of their houses or buildings by the authority’s bylaws.
The regulations also impose restrictions on sponsors, prohibiting them from announcing or advertising real estate projects or accepting any form of payment or deposits without obtaining approval from the CDA for layout plans and executing the necessary legal documentation.
Moreover, the sponsors will also be required to provide the CDA with details of all bank accounts associated with the scheme, along with annual audit reports.
Furthermore, all allotment letters, whether original, provisional or through transfers, must be shared with the CDA within three days of issuance and bear the signature and stamp of the authorized director designated by the member (P&D), CDA.
The regulations emphasize that only plots included in approved layout plans of the scheme or project will be eligible for allotment or transfer.
Source: DAWN
