Islamabad: According to a report from October 17, the Capital Development Authority (CDA) has been urged to concentrate on infrastructure development before plot auctions. It was underlined that giving infrastructure upgrading priority would benefit prospective investors more.
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Faisla Naeem Baig, the director general of CDA Building and Housing Control, is said to have travelled to ICCI with his team to inform the business community about the CDA land auction. The Jinnah Convention Centre in Islamabad will host this auction starting today (October 17–20). Plots from a variety of sectors are included in the sale, including commercial, industrial, hotel, school, hospital, gas station, class three shopping center, residential plots, and farmsteads.
Acting President Faad Waheed of the ICCI stated during the meeting with the CDA that the organization should make sure that the essential infrastructure is fully developed and that the services required are offered. He drew attention to the typical problems encountered by investors who have made large financial commitments to buy commercial plots from the Capital Development Authority (CDA). The lack of key services and basic infrastructure puts many people in difficult situations. There was a strong proposal that the CDA create a one-stop facility to streamline the post-auction procedure and make it more investor-friendly in order to solve this. Additionally, it was suggested that the money raised from plot auctions be used to build marketplaces and industrial districts, which would boost regional business activity. The difficulties investors face when requesting No Objection Certificates (NOCs) from the Environmental Protection Agency (EPA) for development on auctioned plots was another concern brought up. The importance of the CDA actively facilitating this process was emphasized by the participants. Furthermore, it was highlighted that working with stakeholders to define building ordinances is essential because making judgements on one’s own has in the past upset investors.
The community was given reassurance that the director general, Faisla Naeem Baig, would address their issues. He emphasized the value of plot sales as a vital source of funding for the CDA and promised to spend some of the earnings back into the growth of pertinent regions. Additionally, he pledged to enhance infrastructure to serve the business community and disclosed plans to build a single location for successful bidders to conduct post-auction operations.
In order to protect investors’ financial losses, ICCI Vice President Engr. Azhar ul Islam Zafar emphasized the importance of issuing completion certifications for commercial buildings on schedule. In order to shorten investors’ wait times, he also demanded that the Estate Department operate more efficiently.