Islamabad: Cash-strapped CDA set to auction off 56 plots

[Naveed Yaseen]

ISLAMABAD: The Capital Development Authority (CDA) is set to sell around 56 plots in different sectors to control its growing financial crisis. The CDA Estate Management Directorate I and II sent a list of 56 plots, set for auction, to the CDA Finance Wing on directives of the high-ups to arrange funds on immediate basis by selling government land, a senior CDA official told Daily Times on Tuesday. He said the plots to be sold were located in different sectors - 13 in I-16, 19 in D-12, 13 in G-11/3 and 11 in G-11, I-8 and G-9. The finance wing, he said, had sent the list of these plots to CDA Urban Planning and Law Directorate for consideration. He said the CDA member (finance) had issued directives for clarification of legal status of these plots and their auction in the next few days. The CDA board had decided that these plots would be sold at a price higher than that set in the previous auction, he said. He said the CDA real estate experts feared that the CDA would suffer financial loses if these plots were sold now as property value had come down in wake of current violence and deteriorating law in order situation. He said the CDA was left with just Rs 8 billion as it had used up most of its reserves and the money generated from the sale of plots in sectors I-14, I-15 and some commercial areas. The CDA had announced over Rs 25 billion budget for year 2008-09, he said. If the CDA’s financial health continued to deteriorate as it did at present, it would have to halt some ongoing development schemes and the situation might go out of control of new CDA Chairman Tariq Mehmood Khan, he said. fazal sher

http://www.dailytimes.com.pk/default.asp...008_pg11_2