ISLAMABAD: The Capital Development Authority (CDA) managed to sell 21 out of 23 residential plots in a property auction conducted on Monday.
The civic body generated Rs250 million from the sale of land, which was around 30 per cent of the target the authority had hoped to achieve. Saeedur Rehman, Member Finance, told The Express Tribune that CDA had set its sight on Rs2 billion from the auction. The civic authority is already facing a deficit of Rs1 billion in its income against the expenditures and was relying heavily on the land auction to mitigate the loss. Several projects have already been postponed because of the shortage of funds.
The annual land auction is amongst the prime sources of revenue generation for the organisation. Parrying the question on the disappointing outcome of the sale of land, the CDA official said, “Considering the prevailing situation, we more or less met our targets.” “The authority is hoping to generate a handsome amount on the second day,” he said. “We are relying on the sale of commercial plots for a boost in revenue.”
Published in the Express Tribune, May 25th, 2010.