Due to financial constraints Capital Development Authority (CDA) is unable to release Rs 400 million to its Estate Management Directorate for refunding money to the allottees of flats in sector I-15.
“The Estate Management Directorate of CDA had written a letter to CDA’s Finance Directorate a month ago to release Rs 400 to Estate Directorate to refund money to the allottees of flats in sector I-15.
The Finance Directorate declined the request due to scarcity of funds,” an official source told Business Recorder on Friday.
The official said that the main reason for the request to refund is the delay in commencement of development work in sector I-15.
“The CDA has not only stopped refunds to allottees of sector I-15 but also stopped releasing funds for its ongoing development projects,” he said.
He said that CDA has diverted most of its reserve funds and the money generated from sale of plots and flats of sector I-15 to different development projects.
The official said that if CDA’s poor financial health continued to deteriorate in the next few weeks, all development schemes would be halted and wages of CDA staff may be difficult to meet.
The official disclosed that the CDA has spent Rs 700 million generated through sale of plots of Park Enclave housing scheme as well as money generated from sale of plots of Margalla Retreat Housing scheme.
He said that sector I-15 was launched with the aim to provide housing facilities to low income families in the capital.
The official source said that in sector I-15 the CDA has fixed 54 percent quota for general public, 20 percent for affectees of Islamabad, 10 percent for Non Commissioned Officers (NCOs) of the Army, 10 percent for the employees of the federal government from basic scale 1 to 15, 5 percent for CDA employees, and 1 percent for the working journalists of twin cities of Islamabad and Rawalpindi, he said.
The I-15 sector has a total of 13500 housing units including 5500 plots of five to seven marlas and 8000 flats, he said.
Property Buying & Selling was never easy before, simply connect with our WhatsApp Hotline for absolutely free property consultancy. Please save this number +923111042111 in your contact list to get regular updates from us, otherwise you will not receive any update.
Subscribe to our YouTube Channel for latest videos abuout Pakistan Property including DHA Lahore, Peshawar, Quetta, Multan, Gujranwala & Bahawalpur. Also Naval Anchorage Gwadar, New Tonw, Sangar, BECHS, FTBA, Creek City, Golden Palm, GDA 5, Muscat Center and many other projects in Pakistan.