ISLAMABAD: The Capital Development Authority (CDA) has decided to auction 45 plots of different categories across the city to raise funds for various development projects worth billions of rupees.
The decision was taken in a special board meeting held on Thursday, attended by the chief commissioner of Islamabad and other board members.
The agenda item related to auctioning 45 plots was presented by the member estate, Afnan Alam Khan, and was unanimously approved by the board.
The auction is scheduled for May 29th, 30th, and 31st, 2023, at the Convention Center in Islamabad.
The current pace of work on many ongoing projects has slowed down due to the non-payment of contractors, and the decision to carry out development work in rural areas has put the authority under more financial pressure. T
o address these issues, the CDA has decided to sell more plots.
However, some senior officers of the authority criticized the policy of selling plots as an unwise strategy and suggested finding new avenues for revenue generation as the commercial land bank of the CDA is shrinking.
The management has already organized a second auction in less than five months.
The last auction was held in January 2023, in which CDA successfully raised 22 billion rupees by selling residential and commercial plots.
Apart from amendments in the CDA ordinance by the parliament, which enables joint ventures for revenue enhancement, the management did not make any significant effort in this regard.
Concerned circles have raised questions about the sustainability of this approach to meet the financial requirements.
