CDA to Amends its Bylaws to Promote High-Rise Buildings
Islamabad: The committee charged with revising the bylaws of the Capital Development Authority (CDA) to encourage the construction of high-rise buildings in the capital examined a range of propositions to attract investors.
Diverse proposals were deliberated at the meeting, and it was resolved that a forthcoming policy would be developed and submitted to the CDA board for approval.
The committee, which the engineering member leads, is responsible for evaluating the current parameters and, if deemed suitable, suggesting amendments to the floor area ratio (FAR) for commercial buildings.
Additionally, it examines the payment plans and procedures currently in place for auctioned plots. It proposes business-friendly measures that align with the policies implemented in other cities, including Karachi and Lahore.
According to insiders, modifications to the floor area ratio and payment schedule for commercial sites are imminent.
Read more on EL News: CDA Launched A New Directorate to Handle Urban Expansion.
As per authoritative reports, many topics were discussed during the Monday meeting. Following the current bylaws, the utmost FAR permitted for lots larger than 5000 square yards is 1:10.
The consensus among the participants was that the FAR should be increased in specific regions of the federal capital as opposed to the entire city. Likewise, to improve the profitability of commercial properties for investors, the firm considered extending the payment schedule from one to three years.
“Yes, today we deliberated on several proposals; we examined the city’s available resources, infrastructure, and future requirements. “Additionally, we deliberated on the implications for traffic management and utilities, including water, should 1:17 FAR be permitted throughout Islamabad,” a source added.
They further stated that the bylaws of Islamabad, the capital city, ought to differ in some way from those of other cities. No decision was reached at the meeting, and the proposals will probably be refined in the subsequent session.
It is noteworthy that after receiving a lackluster response in its auction of commercial sites in recent years, the CDA management had considered implementing significant policy modifications to stimulate development, business activity, and high-rise construction.
According to sources, the CDA administration and government were considering extending the payment schedule for commercial sites from one to three years. Additionally, the floor area ratio of 1:16 increase is in the works.
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Additionally, there is a proposition to transfer ownership to developers upon receipt of a 50% payment, as opposed to the current requirement of 100%. Reliable sources claim that the CDA has been unable to attract investors to its commercial plot auctions for the past two years. On the other hand, Lahore’s central business district has attracted investors from all over Pakistan, including Islamabad.
According to credible sources, investors are relocating from Islamabad to Lahore due to these policy measures.
Former president of the Islamabad Developer Association, Chaudhary Naseer Ahmed, had long advocated for investor-friendly amendments to the CDA bylaws.
In the interim, the president of the Real Estate Association, Sardar Tahir Mehmood, stated that his organization had requested that the CDA amend its bylaws for at least the past six months. “On March 20, we also penned a letter to the CDA urging them to take the necessary action in this regard,” he added.
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