Proposals floated to CDA for success of commercial plots’ auction

Islamabad:Leading developers from Islamabad have put forward recommendations to the Capital Development Authority (CDA) for the success of the upcoming auction of commercial plots starting on Wednesday.

The Islamabad Developer Association (IDA) on Wednesday organised a meeting with the CDA to discuss the upcoming open auction of commercial plots in line with Developer related goals of maximizing revenue and enabling the successful development of projects.

Sardar Yasir Ilyas Khan (CEO of The Centaurus, President Islamabad Developers Association) along with Sardar Tahir Mehmood (President IEAA), Chaudhry Naseer (Chairman Maroof Hospital and Silver Oaks), Umar Hussain Malik (Director of Karachi Steel), Mustafa Bin Talha, Shahid Khan, Chairman Red Suns and several members of the Islamabad Developers Association met Tahir Naeem Akhtar (Member Finance CDA), Faisal Naeem (DG Building Control), Zafar Iqbal(DG Planning) and Habibullah Sheikh (DG Works).

The IDA proposed granting plot possession upon an initial 50-75%% payment, extending the payment deadline to 30 working days, and advocating for an extended instalment structure spanning over two years offer flexibility.

The IDA urged returning to the original parking space ratio of one car space per 1000 sq. ft. as the current revision (one space per 750 sq. ft.). Addressing outstanding development and road network concerns could lead to higher bids, ensuring greater long-term revenue for CDA.

It was observed that a significant bottleneck for both developers and CDA is the absence of completion certificates for substantially complete projects, hindering bank financing for developers and delaying revenue from apartment transfers. Introducing interim or partial certificates for projects exceeding 85-90% compliance, with existing facility management, provides a firm solution.

The developers also emphasized the importance of a collaborative effort between CDA and IDA in implementing and sustaining robust fire safety measures for Islamabad's high-rises. Ready to assist in any necessary way, we propose investing in a state-of-the-art fire snorkel with enhanced reach.

“This is not just an infrastructure investment; it's a commitment to the safety of Islamabad's residents and the city's future. We urge CDA to seriously consider this proposal, envisioning a safer future. Together, we can ensure that Islamabad's architectural marvels also stand as strongholds of safety and security for generations,” they said.

It was observed that accelerated development, heightened bids, and extended instalments contribute to CDA's immediate and long-term financial growth.

About facilitated Development, the IDA proposed that streamlined processes and reduced financial pressure foster project completion, positively impacting Islamabad's overall development and infrastructure would yield the desired results.

For mutual success, it was proposed to strengthen collaboration between CDA and developers to promote a thriving real estate market, benefiting both parties and the city as a whole.