Capital Development Authority (CDA) may miss expected revenue from the auction of its three of most valuable plots of Islamabad due to the litigation. The plots worth Rs 40 billions are located at Blue Area between sectors F-9 and G-9, Murree Road and the northern strip of Sector E-11. Many developers, representatives of the local chamber of commerce and industry as well as private builders had expressed concerns and placed advertisements in newspapers against the proposed auction.
Not only the auction process is invalid as it will not be carried out in an open, fair and transparent manner but it's regarded as the most expensive auction in Pakistan as well. As per report, the CDA submitted before the Islamabad High court (IHC) that CDA had spent huge money on account of publications in national and international newspapers. The petition has not only caused a huge loss to CDA on that count but also tagged the precious plots as plots under litigation and thereby these plots might not fetch huge price as expected earlier.
CDA advertisement for the auction of the sites unambiguously stated that the three plots were being presented for luxury hotels. It conveyed a clear impression that the proposed sites are being auctioned only for the construction of hotels. The brochure mentions that 20 percent of the covered area can be used for commercial purposes. CDA had also offered the floor area ratio in a very generous manner which would allow the construction of over 100 storey buildings at these sites.
On one side CDA officials under the Supreme Court directives launched an operation against the non-conforming use of residential units and closed hundreds of outlets and on other hand instead of auctioning the sites for commercial activities, the civic agency dedicated the plots for hotels.
Comments
Comments are closed.