CDA plans to launch 10 new residential sectors in Islamabad

ISLAMABAD: The Capital Development Authority (CDA) has planned to launch 10 new residential sectors and auction 200 plots in Sector C-14 to increase its revenue.

While the CDA chief had earlier announced a halt to the auction of prime commercial plots, preparations are now underway to auction over 35 CDA-owned commercial plots in blue areas and other prime commercial hubs.

As per the media reports, brochures are being prepared for the auction of 200 plots in Sector C-14, each of which is one kanal. The proposed price of each plot will be between Rs 50 and 60 million. Interested buyers are required to deposit 25% of the total cost with their applications, which will be refunded in case the plot is not available.

The auction will be conducted by lot. About 70 percent of the development work in Sector C-14 has reportedly been completed, with work on the sewerage system in progress. Successful bidders will have to pay the full amount to CDA in equal installments over two years. CDA plans to invite applications for these plots later this month.

Sources further say that 10 more sectors will be started by the next financial year. After allotting the plots to the landowners in exchange for the acquired land, the remaining plots will be auctioned to the public. The open poll will be held at the CDA headquarters in the presence of the applicants including NADRA to ensure transparency.

The new sectors include C-13, C-14, C-15, C-16, I-12, E-12, D-13, D-14, F-13, and E-13.

The main objective of auctioning the remaining plots after fulfilling the land acquisition agreements is to provide housing facilities to the public while generating maximum revenue for the CDA. The current CDA administration urgently needs funds for more than 10 development projects, making efforts to attract Chinese investment.

Last week, CDA Chairman visited China to discuss and launch development projects in collaboration with China Investment Corporation (CIC). For this purpose, Prime Minister Shehbaz Sharif also held meetings with Chinese investors.