ISLAMA    -  The Capital Development Authority (CDA) has received the first instalment for all plots in advance before the expiry of closing date, a CDA spokesman said yesterday.

This is indeed encouraging for the Authority and the City. The response from investors reflects their trust in CDA and policies of the government regarding construction industry. Over Rs.7 billion have been received in this regard, he said. 

It is pertinent to mention here that initially the CDA had targeted Rs 7 billion as total recovery in this auction. However, the overwhelming response led to a situation where this amount has been recovered in just first instalment.

It is also significant that two developers have made full payments. The development work for services provision to new Blue Area likely to start from next week whereas a grid station is already ready and work on one pedestrian crossing has also started.

The funds thus generated will be spent on uplift of the city for which planning and initial works have already started. Road repair, sidewalks, streetlights and drains will be rehabilitated on emergent basis. Work on several projects is near completion while several more are likely to start shortly, the spokesman added.