Capital Development Authority (CDA) is expected to generate over Rs11 billion from opening of two new residential sectors C15-C16 during the fiscal year 2013-2014.
A senior official of the CDA told ‘The News’ that it would be difficult for the civic body to meet its budgetary target for the coming financial year unless it opened two new residential sectors. “We are preparing to open two new sectors — C-15 and C-16 — before June 30, 2014,” the official said.
The civic body had already announced award of two residential sectors about five years back, but further progress could not be made for various reasons. “We will compensate the affected people as per ‘land-sharing formula’ and the agreement reached in 2008,” the official said.
As far as compensation against the ‘built up property (BuP)’ is concerned, it would be paid as per the agreement of the year 2008. “The BuP, which existed five years back, will be verified with the help of satellite pictures,” the official said.
The official said earlier they had set the target of getting vacated land of two sectors by July 31 this year.
As per ‘land-sharing formula,’ the CDA would not have to pay compensation in cash rather it had to allot 500 square yards plot against four kanals of land acquired. It is also expected that the opening and development of these two sectors would be carried out through the public-private partnership to accomplish the task in the minimum possible time.
There is a feeling among the CDA Board members that it would not be possible for the civic body to achieve the targets of mega development projects without launching two sectors.
It may be pointed out that the CDA management, while announcing the budget for the fiscal year ending on June 30, 2013, had set the target of generating over Rs21 billion from opening of two sectors and auction of commercial and residential plots out of the total budget volume of over Rs29 billion. But the authority miserably failed in achieving its goals.
It was also due to want of required money that the CDA could not meet development targets as a huge amount of Rs16 billion was targeted to be spent on development projects but no new project could be initiated.
Sources in the civic body said CDA Chairman Nadeem Hasan Asif was interested in starting construction of two new flyovers, one at the junction of 9th Avenue and Kashmir Highway and the second at the junction of Khayaban-e-Suhrwardy and 7th Avenue and expansion and repair of I J Principal Road and Kashmir Highway. “To generate funds for such projects, we will have to expedite auction of commercial plots and opening of two new sectors,” the CDA official said.
The News report by Anees Ahmed