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Islamabad: CDA to increase land price in Diplomatic Enclave - Naveed Yaseen - 11-10-2009 10:32 AM
By Fazal Sher
ISLAMABAD: To counter financial crisis, the Capital Development Authority (CDA) has decided to increase price of land from Rs 15,000 to $1,000 (Rs 84,000) per square yard in Diplomatic Enclave.
The decision was made by the CDA board a few days ago and its summary sent to the Ministry for Foreign Affair for formal approval. The board decided that CDA would sell land according the new price to embassies currently seeking land in Diplomatic Enclave, a CDA official told Daily Times on Monday.
He said some embassies had applied for land and a number of foreign missions with offices in residential areas would also purchase land in Diplomatic Enclave. “Selling of land according to new price will play a pivotal role in resolving the current financial crisis in the CDA,” he said.
He said the CDA had started expansion of Diplomatic Enclave to shift there offices of embassies located in residential areas. “As many as 43 diplomatic missions and 48 foreign companies are functioning in residential sectors of Islamabad in complete violation of CDA by-laws,” he said.
He said if embassies operating from residential purchased land in Diplomatic Enclave, it would save them violation of laws and be proved a means for the CDA to resolve its financial crisis.
The official said if the CDA had reviewed land prices on right time, the current financial crisis would not have happened.
“Due to financial crisis, the CDA may stop work on a number of development projects like expansion of Lehtrar Road from Taramri Chowk to Pinstech Chowk, re-carpeting of roads, rehabilitation and up-gradation of water supply system, replacement of machinery/equipment for disaster management, construction of 11th Avenue, launch of Rapid Mass Transit System, construction of CDA Headquarters, establishment of diagnostic centre at CDA Hospital, installation of tube wells and construction of an interchange at Stadium Chowk on IJ Principal Road,” he said.
He said due to current law and order situation, embassies are approaching CDA for purchasing land in Diplomatic Enclave.
http://www.dailytimes.com.pk/default.asp?page=2009\11\10\story_10-11-2009_pg11_1