ISLAMABAD: The Capital Development Authority (CDA) intends to hold a commercial and residential plot auction to generate funds.
According to the sources, around 40 plots have been identified, including commercial plots in the Blue Area, Park Enclave, the Northern Strip of E-11, and a petrol pump plot in D-12. Likewise, some apartment plots in F-10 were also considered.
Besides, members of the CDA board met informally on to receive an update on plots that may be sold in the upcoming auction.
It is to mention here that the CDA’s main source of income is the auction of plots as it has been unable to put in place a major system for regular fund generation over the last 62 years.
According to sources in the civic agency, the authority’s financial situation is unstable because the finance wing has made massive payments to contractors for ongoing projects in the last few months.
The source stated that the CDA was in desperate need of funds because projects worth more than Rs. 50 billion, such as Margalla Road, Bhara Kahu bypass, I.J. Principal Road expansion, Nilor Heights, Expressway expansion, Rawal Dam, and 7th Avenue, and the development of several residential sectors, were currently under construction.
Furthermore, he stated that the CDA has to pay salaries every month as it employs over 16,000 people.
“We are optimistic that our upcoming auction will be a success since CDA is offering plots in the prime locations.” Even investors have been contacting us for the last few months to get the auction date,” said a CDA officer.
