Zubair Qureshi
The Capital Development Authority (CDA) has received the first installment of all the plots in advance before the expiry of closing date.
These plots of New Blue Area were auctioned in July this year and according to a statement by the authority, this is indeed an encouraging thing for the authority and the city. The response from investors reflects their trust in CDA and policies of the government regarding the construction industry.
Over Rs.7 billion have been received in this regard. It is pertinent to mention that initially CDA had targeted 7 billion as total recovery in this auction. However, the overwhelming response led to a situation where just in first installment this amount has been recovered.
It is also significant that two developers have made full payments. Development work for services provision to the new blue area likely to start from next week whereas grid station is already ready and work on one pedestrian crossing has also started.
The funds thus generated will be spent on uplift of the city for which planning and initial works have already started. Road repair, sidewalks, streetlights and drains will be rehabilitated on an emergent basis. Work on several projects is near completion while several more are likely to start shortly.
