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Islamabad: I-16 scheme big let-down for CDA - Naveed Yaseen - 11-20-2009 08:30 AM
ISLAMABAD: The people’s poor response to its I-16 housing scheme despite a decrease in plot prices has frustrated the cash-strapped Capital Development Authority (CDA).
A senior CDA official told APP on Thursday that the authority had thought a large sum of money would pour into its kitty through sale of I-16 residential plots especially at a time when it desperately needed cash, but the people’s poor response to the scheme had shattered its dreams and plans.
He blamed economic crisis and falling property prices for it.
The official said the real estate business was in dire straits due to global economic meltdown. He said the people were unable to buy property though its prices were very low. He said the capital city was short of more than 50,000 housing units.
The official said the CDA had reduced the I-16 plot prices but even then, there were no or a few buyers. He said if the plots were sold at the current market price, then the CDA strapped for cash would be on the receiving end. He said the CDA had left the plots in question for rainy days. app
http://www.dailytimes.com.pk/default.asp?page=2009\11\20\story_20-11-2009_pg11_2