The Capital Development Authority (CDA) is likely to hold another auction to meet its expenditures. Despite fetching Rs. 12.9 billion in the four-day auction last month, it fell short of the civic authority’s expectations.
During the previous auction, CDA sold nine commercial plots, two residential, and 14 half-marla plots. Now, it is looking to earn more money by selling more plots.
Chairman CDA, Anwarul Haq, on Wednesday, directed the estate wing to compile an inventory of commercial plots. Although, there are approximately 50 commercial plots of various sizes available to be sold, the Chairman asked to prepare a list of up to 25 plots.
The meeting also deliberated over the sale of a four-acre plot for the construction of a five-star hotel. The meeting was informed that there are two such plots near the Marriot Hotel, which could potentially generate billions of rupees due to their prime location.
However, CDA can not put these plots up for auction without the approval of the federal government. Once the government grants approval, an auction will be held.
An official of the CDA estate wing told a local media outlet that one of the five-star hotel plots was included in the last auction as well. However, due to the lack of permission from the federal government, it was excluded from the list.
The officer added that they have already written a letter to the government, seeking its permission to sell the plots. It should be noted that CDA is an autonomous entity, responsible for generating revenue to fund both its development and non-development expenses.
Along with its thousands of employees, it has to pay pensions and salaries too, and it also spends billions of rupees on development projects in Islamabad. However, due to financial constraints, it had suspended new development projects last month.
Source: Pro Pakistani