Islamabad Regulatory Authority to Oversee Buying, and Selling of Land
Federal Planning Minister Asad Umar stated in Islamabad that the Islamabad Regulatory Authority (IRA) would be established under Metropolitan Corporation Islamabad (MCI) and Capital Development Authority (CDA) to oversee the purchase and sale of land in the capital city.
Under the proposed Islamabad Regulatory Bill, MCI will serve as a regulatory authority, whereas CDA will oversee the purchase and sale of land.
Asad Umar, the federal minister for planning, development, and special initiatives claimed that the power of 2-k under Section 4 of the Land Acquisition Act 1984 would be eliminated, and no new land would be purchased. With this law, he continued, prejudice between urban and rural areas in Islamabad will disappear.
According to a different source, the federal minister indicated that the CDA Act of 1960 has been changed and that no government or individual may enforce section 4 for land acquisition. He noted that land bought under Section 4 but for which payment has not yet been made would be deemed invalid. The payment for the land will be based on the current market price.
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