ISLAMABAD  -    The cash-strapped Capital Development Authority has once again fetched an amount of Rs11.28 billion by selling 34 residential and 24 commercial plots. 

As per the budget documents, the civic body meets its 80 per cent expenditures through the auction of plots or by recovering the balance amount of previously sold plots.

The authority has generated only 20 per cent budget through other sources i.e. taxes and water charges, whereas the federal government has also given a nominal amount but the same spent on the maintenance of their building i.e. Parliament House, President House etc.

On the other hand, the situation becomes more alarming when anybody gets to know that the civic body lacks a complete data of its remaining sellable plots worth billions of rupees.

It is necessary for long term planning that any organisation should know the details of its assets and liabilities but the situation is entirely different in CDA. Reliable sources in the Planning Wing and Estate Management Wing of CDA revealed that the civic body doesn’t have the exact number of commercial plots left behind to sell in residential sectors.

The civic body is mandated to plan new sectors, dispose of plots and maintain their record but the situation is a question mark on its performance when it cannot maintain the record of its own properties then how can it do the same with the record of private people.

However, when the incumbent Chairman Capital Development Authority Amir Ali Ahmed was asked about the same thing, he agreed and said: “We understand that selling plots is not a solution but CDA did not have the money to run its affairs but now we will have enough resources to start the delayed projects.”

“We are working on the proposals to generate the revenue from other resources at the same time”, he added, explaining: “We are going to increase the charges for private housing societies, approval of building plans etc.”

The four-day auction proceedings launched at the Convention Centre Islamabad on Monday with the sale of 25 residential plots amounting Rs1,024 million while 06 residential plots were auctioned against an amount of Rs230 million on the second day of auction.

On account of its commercial properties, the city managers fetched Rs4048 million on the 3rd day of auction by selling 08 plots of various categories while 15 commercial plots were sold out amounting to Rs5,981 millions on last day.

The auction proceedings were supervised by the auction committee headed by Member Finance, CDA Dr Fahad Aziz, which was managed and conducted in well-organized, open and transparent manners in the presence of all stakeholders including media.

According to a handout issued by the CDA, prolong and multiple bindings were made during the entire auction, which shows a complete, fair and transparent competition as well as keen interest of the investors / Bidders / buyers and general public. Due to which the present auction received a very favourable response from public at large. “The auction witnessed impressive gathering of investors and general public with enthusiastic participation”, it added.