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 from January 10, Wednesday.
The Islamabad Developer Association (IDA) at a meeting with the CDA discussed the upcoming open auction of commercial plots in line with developer-related goals of maximizing revenue and enabling successful development of projects.
SardarYasirIlyas Khan, CEO of The Centaurus as well as President Islamabad Developers Association along with SardarTahirMehmood, President IEAA, ChaudhryNaseer, Chairman Maroof Hospital and Silver Oaks, Umar Hussain Malik Director of Karachi Steel, Mustafa Bin Talha, Shahid Chairman Red Suns and members of the Islamabad Developers Association called on MrTahir, Member Finance CDA, Faisal Naeem DG Building Control, ZafarIqbal DG Planning and Habibullah sheikh DG Works.
The IDA proposed granting plot possession upon an initial 50-75pc payment, extending the payment deadline to 30 working days and an extended installment structure spanning over two years.
The IDA urged returning to the original parking space ratio of one car space per 1,000 sqft as the current revision, one space per 750 sq. ft.
Addressing the 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 was 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 85-90pc compliance with existing facility management provides a firm solution.
