Islamabad: According to a report on October 17, the Capital Development Authority (CDA) has been urged to prioritize infrastructure development over plot auctions by the Islamabad Chamber of Commerce and Industry (ICCI). It was emphasized that improving infrastructure first would benefit prospective investors more.
It is said that CDA Director General of Building and Housing Control Faisla Naeem Baig and his delegation came to ICCI to inform the business community about the specifics of the CDA plot auction. This auction is set to start at the Jinnah Convention Centre in Islamabad today, October 17–20. Plots in the following categories are included in the auction: commercial, industrial, hotel, school, gas station, hospital, class three shopping center, residential, and farmhouse.
Read More: CDA Ends Four-Day Auction By Selling Land Worth Rs. 13 Billion in Islamabad
Acting President Faad Waheed of ICCI stated during the meeting with CDA that the authority should guarantee the full development of vital infrastructure and the supply of essential services. He outlined the typical problems that investors who have purchased commercial plots from the Capital Development Authority (CDA) and invested large sums of money have to deal with. Lack of essential services and basic infrastructure puts many people in difficult situations. It was strongly advised that the CDA create a one-stop center to handle this and streamline the post-auction procedure, making it more investor-friendly. Furthermore, it was proposed that the proceeds from plot auctions be used to fund the establishment of marketplaces and industrial zones, thereby promoting economic activity in the area. The difficulties investors face in obtaining No Objection Certificates (NOCs) from the Environmental Protection Agency (EPA) for construction on lots sold at auction was another topic brought up. The importance of the CDA actively facilitating this process was emphasized by the participants. Furthermore, given that making decisions on their own have in the past caused problems for investors, it was emphasized that working with stakeholders to define building bylaws is essential.
The community was reassured by Director General Faisla Naeem Baig that their concerns would be taken seriously. He emphasized the significance of plot auctions as a major source of funding for the CDA and promised to put some of the money raised back into the growth of pertinent areas. Along with his announcement of plans to establish a one-stop shop for successful bidders in post-auction activities, he also pledged to enhance infrastructure to support the business community.
Additionally, in order to shield investors from financial loss, ICCI Vice President Engr. Azhar ul Islam Zafar emphasized the importance of timely completion certificates for commercial buildings. In order to shorten investor wait times, he also demanded that the Estate Department operate more efficiently.
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