ISLAMABAD – In continuation of its moneymaking ventures to get the cash-starved civic body out of financial crises, the Capital Development Authority is going to lunch Margalla Enclave (Margalla Retreat), a small housing colony, in Sector E-11.
It seems good days are awaiting the authority, as it is expecting to generate much more than 57 percent of approximately Rs6 billion, a cooperative housing society has promised as Authority’s share in result of development and consequently sale of 54 acres in northern strip of Sector E-11 under a joint venture.
The housing colony will be developed on the same area, the Authority has taken back recently from the control of a cooperative housing society, Multi-Professional Cooperative Housing Society (MPCHS), in pursuance of Apex Court’s decision.
CDA plans to avail, at first, the balloting option to sale out some 70 residential plots each measuring approximately 500 square yards and some slightly above in area. While in second phase 15-20 residential plots will be sold through open auction, while the auction of commercial plots held in third phase. The price, Authority has decided for residential plot measuring 500 square yards, is Rs15 million, with 30 percent as down payment while rest in six equal instalments.
CDA has made some slight changes in layout plan of 54-acre stretch of land by decreasing commercial area owing to ongoing downward trend in real estate market, specifically of commercial land. While residential area has been increased to get some good inputs. According to an earlier layout plan of 54-acre stretch of land in northern strip, 47.58-kanal of land was reserved for the residential plots, 112.05-kanal for high rise and medium rise apartment plots, 29.86-kanal for commercial plots, 70.51-kanal for institutional and 27.28-kanal for the establishment of education and health facilities, 127.21-kanal for roads and 16.64-kanal for parks and open spaces. Earlier, under a joint venture agreement (JVA), the project was given to MPCHS in 2008 and Supreme Court took suo moto notice after media reports alleged, irregularities in the award of the contract to the society.
CDA had already taken over the project in the light of apex court directions and decided to sale out commercial and residential plots in Northern Strip in Sector E-11.