The income generated through the recent auction of two commercial plots by the Capital Development Authority (CDA) would be spent to carry out development projects, said CDA Chairman Kamran Lashari. Talking to a private television channel, he said the CDA on the directives of Prime Minister Shaukat Aziz had changed its traditional way of getting development funds.
Earlier, Lashari said the CDA had to pass through different stages of concerned government departments to get any development scheme passed, which took several years, adding after getting approval of development schemes, the CDA had to confront the issue of funds availability.
"All self-funded schemes can be passed by the CDA itself with the participation of spine government representatives," he said quoting the Prime Minister, and added now the CDA was generating funds by itself for carrying out development projects in the capital.
The CDA has fetched about Rs 11 billion from the sale of two commercial plots. One plot was sold out to Al-Tamiini group of Saudi Arab, which would construct 20-storey shopping mall while the second went to a Textile group of Faisalabad for setting up a hotel.