Pakistan Property

CDA Launches “Park Enclave Housing Project” without Acquiring Land

en.ppostnews.com :Islamabad, with acquiring land Capital Development Authority launched project.
Mayor Islamabad Says, we are facing some issues in allocation of plots to buyer.

CDA already has failed in that sector, even now CDA has received billions of Rupees from allottees on market price. more than 50 out of 650 are still awaited for land occupation, whom CDA promised in 2011 for land allocation till 2013. Despite failure in first allocation in Enclave Phase-1, CDA launched Phase-2 in 2015 along promising for allocation of land in 12 months,yet no development work has been started. Launching of Park Enclave Project just about to earn money, in 2011 market price was 12 million Rupees per plot then in 2014 CDA made it 17.5 million rupees per plot and after then launching of Phase 2 in 2015 per plot price was 22 million rupees and earned billion of Rupees. but still CDA didn’t acquire land for these projects.
Now investors and developers are demanding to return their capital. but new management of CDA hasn’t enough money to return. Management blames for all of it to ex-management.

Mayor Islamabad Sheikh Ansaar says, Now Case in court, let’s see what comes out, but we are still working for transfer files to allottees.

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