Margalla Towers to be re-auctioned
CDA rejects top bid of Rs 1.35 billion, scrutinizes role of Finance Directorate for its "faulty economic policies".
ISLAMABAD:
After rejecting the highest bid of Rs 1.35 billion, the Capital Development Authority (CDA) in its board meeting has decided to re-auction the Margallah Towers, CDA Chairman Imtiaz Inayat Elahi told The Express Tribune.
According to reliable sources, CDA’s board in its meeting held here on Monday at CDA main directorate in G/7-2, approved the summery of 400 plots for widows of CDA employees. The Board also gave approval of NOC for Engineering Cooperative Housing Society in Zone 2.
The meeting decided to explore revenue resources for CDA which is undergoing a financial crisis, which included reviewing license fees, revising tax rates and discovering measures to make different projects of the civic body self-sustainable.
Sources said that a series of controversies unearthed during a day long discussion in CDA board meeting. They said that most of the time the role of Finance Directorate remained under discussion due to its “faulty economic policies”. The board expressed concern over CDA’s Director Revenue decision in relaxing tax criteria.
Member Finance Saeed-ur-Rehman tried to convince the board about viability of finance wing policies to overcome the financial crunch, which included municipal bonds scheme. He revealed that the authority suffered huge losses because it failed to review its contracts on time.
They said once again CDA Board has decided to review all the big and small projects being executed by the authority to examine the pros and cons of the agreements, formalities and legal aspects. Earlier, in a special meeting on 13th May, the board had observed that different issues had been highlighted during the recent proceedings at Supreme Court regarding different projects of the authority.
The board endorsed the idea to form a scrutiny committee headed by Member Finance and comprising of Member Planning and Design and Member Engineering to review all these projects, including those being executed in the Pothohari Arts and Craft Village.
Published in The Express Tribune, October 20th, 2010.
After rejecting the highest bid of Rs 1.35 billion, the Capital Development Authority (CDA) in its board meeting has decided to re-auction the Margallah Towers, CDA Chairman Imtiaz Inayat Elahi told The Express Tribune.
According to reliable sources, CDA’s board in its meeting held here on Monday at CDA main directorate in G/7-2, approved the summery of 400 plots for widows of CDA employees. The Board also gave approval of NOC for Engineering Cooperative Housing Society in Zone 2.
The meeting decided to explore revenue resources for CDA which is undergoing a financial crisis, which included reviewing license fees, revising tax rates and discovering measures to make different projects of the civic body self-sustainable.
Sources said that a series of controversies unearthed during a day long discussion in CDA board meeting. They said that most of the time the role of Finance Directorate remained under discussion due to its “faulty economic policies”. The board expressed concern over CDA’s Director Revenue decision in relaxing tax criteria.
Member Finance Saeed-ur-Rehman tried to convince the board about viability of finance wing policies to overcome the financial crunch, which included municipal bonds scheme. He revealed that the authority suffered huge losses because it failed to review its contracts on time.
They said once again CDA Board has decided to review all the big and small projects being executed by the authority to examine the pros and cons of the agreements, formalities and legal aspects. Earlier, in a special meeting on 13th May, the board had observed that different issues had been highlighted during the recent proceedings at Supreme Court regarding different projects of the authority.
The board endorsed the idea to form a scrutiny committee headed by Member Finance and comprising of Member Planning and Design and Member Engineering to review all these projects, including those being executed in the Pothohari Arts and Craft Village.
Published in The Express Tribune, October 20th, 2010.