CDA would auction commercial, residential lands to raise money
News sources said on October 20 that Lahore’s Capital Development Authority (CDA) has decided to auction off its commercial and residential plots in different parts of the city to raise money for city development projects.
Read more with EL news: LDA considers commercializing additional plots in Gulberg
In this case, a meeting was held at the CDA’s main office to talk about and choose different plots from around the city for the upcoming auction. During the meeting, people looked at about 40 plots for sale in Blue Area, Park Enclave, and the Northern Strip of E-11. They also looked at a plot for a gas station in D-12 and several residential plots in F-10. In this way, the CDA’s Planning Wing has put together a group to look for and find plots all over the city. The wing will tell the CDA board what it has found, and the board will decide whether or not to auction off the plots.
It is important to note that most of CDA’s money comes from selling residential and commercial plots at auction. The money raised is often used to help improve communities and pay the wages of 16,000 people. Currently, the CDA has launched several development projects worth PKR 50 billion, including road infrastructure development and sector development projects.