ISLAMABAD: The prolonged agony of the investors, who had found themselves deeper in the abyss of despair after failing to get a flat in one of the property projects, may be over as the civic agency is planning to work on the stalled project.
Sources said that the Capital Development Authority (CDA) is all set to hold balloting of around 4,000 residential plots in Sector I-15 during the first week of March.
The sources said that during the balloting of the 4,000 plots — each measuring 138 square yards — priority will be given to people who had earlier invested in the flats project of the CDA in the same sector, but they were denied the flats.
In 2005, around 8,000 investors had deposited money with the CDA after it announced to construct 8,000 residential flats in the sector. After failing to keep its promise to these investors, the CDA announced it would refund the amount to the investors. Out of the 8,000 investors, some 4,000 applied for the refund, while the rest opted to wait.
Each applicant had deposited Rs1.4 million for the flat.
“The date has not yet been finalised, but the Estate Management Wing is swiftly finalising arrangements to this effect,” said a senior official of the estate wing.
On June 17, 2013, during the tenure of former CDA chairman Tahir Shahbaz, the CDA Board decided to re-plan the sector. Under the new plan, the CDA abolished the idea of construction of flats and opted for creation of plots.
By discarding the idea of construction of flats, the CDA enhanced the number of plots from 3,454 to 7,738 each measuring 138 square yards. Now, those who were promised flats will be given the plots instead.
“The CDA re-planned the land use of Sector I-15 in a bid to make the proposed developmental process more economical,” said the senior official. He said that it was difficult to construct a flat for a mere Rs1.4 million under the current market price of construction material.
“The revised plan will reduce the development cost by approximately Rs3.5 billion,” the official said.
Sector I-15 is located in Zone-I of the capital over 746 acres. Under the Islamabad master plan, the sector was to be developed for manufacturing industry, but in 2004, the then prime minister Shaukat Aziz approved conversion of sector into residential one specifically for low-income groups.
Under the new plan, the CDA has also identified some additional 200 commercial plots with a view to sale them to generate money to invest for the development of the sector.
The only work carried out by the CDA in the sector so far is a dual carriage way for a major road and a connecting bridge.
The revised land use analysis show that residential units will be constructed on 245.87 acres (42 per cent of the total sector area), Markaz on 37.66 acres, parks and playgrounds on 68.32 acres, shopping centres on 23.9 acres, educational institutes on 39.86 acres, sewerage treatment plant on 7.4 acres and roads on 299.5 acres.
Published in The Express Tribune, January 20th, 2014.
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