The Rawalpindi Development Authority (RDA) has devised a strategy to improve its revenue streams by bringing in new asset construction projects under which commercial real estate projects will be developed on all RDA-owned plots.
Sources said that the RDA mega complex will also be built beside the construction of another three stories of the unfinished parking plaza at Fawara Chowk to solve the city's mounting parking issues.
According to sources, the shelter that was removed from the parking lot's basement will be replaced with a motorcycle parking. Before awarding the parking contract for the basement, ground and first floors of the parking plaza, a decision has been made to conduct a survey of the building's capacity and market rate, the sources said.
The sources disclosed that although the foundation stone of the complex project was laid at the authority’s old building on June 4, 2005, the construction work of the project could not be started due to a lack of resources available to the RDA. Similarly, the RDA's low funding prevented it from even starting its housing society project.
According to sources, RDA Director General Saif Anwar Jappa has decided to launch a strategy to start commercial projects on all of its owned plots to stabilise its financial situation, begin development initiatives with its funds and become economically self-sufficient.
In this regard, it has been decided to build a commercial building comprising a basement plus three stories on an 11-marla commercial plot owned by the RDA in the civil lines neighbourhood.
The design of the project has been prepared by the Land Utilisation and Building Control Department under the direction of Director Jamshed Aftab. The building will be rented out for shops and offices and the contract for the construction of the project will soon be awarded.
RDA sources claim that all commercial plots owned by the RDA around the city are to be identified so that work can begin on commercial developments there under the directives of the authority’s top official.
Shops and offices will be constructed on vacant RDA plots, they said. The sources also claim that to develop a significant business hub near Murree Road, Liaquat Bagh work would also begin on the RDA Mega Complex project, which has been stalled since last year.
The RDA is also reviewing the development of parking lots on its land in other parts of the city, the sources said.
The stalled auction procedure for awarding the contract for the construction of the three-floor parking of the unfinished parking plaza at Fawara Chowk will now be completed in accordance with the building's maximum capacity and the market pricing, the sources added.
Published in The Express Tribune, February 24th, 2023.
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ