ISLAMABAD: After taking possession of more than 1,500 kanals, the Capital Development Authority (CDA) is set to float residential plots for Sector C-15 in the market in February 2015.
Officials have already started to term it a major success of the authority as it will pave the way for development of new sectors in the federal capital.
â€śThe success of sector C-15 will be the success of a new development formula adopted by the CDA,â€ť said Asim Khichi, spokesperson for the CDA.
In the past the authority used a different formula for land development in which original owners would be compensated for land and building prior to taking possession.
CDA officials believe in success of new land sharing formula inspired by DHA
The new formula is based on land sharing and is patterned on the formula used by Defence Housing Authority, For C-15 the CDA finalised a land sharing formula with original owners in 2008 by which one plot of 500 square yards against four kanal land will be given to them in the same sector,said Nadeem Abro, deputy director general, Estate.
This formula gives the original owners a share in the success of the sector and the property prices. Because of this formula, the local people are eager to see the sector develop as they can later sell plots at much higher prices,€ť he said.
The total area of C-15 sector is 3,000 kanals and officials are confident that possession of remaining 1,500 kanal will be taken by the CDA by January 2015.
CDA will be floating 400 residential plots in the sector in February 2015 and all the plots will be allotted through balloting while commercial plots will be auctioned,€ť Mr Abro said.
While CDA’s plans for C-16 and C-15 appear to be largely on track, there are still major hurdles that the civic body could face.
The Built-up Property (BUP) award compensates people for constructed buildings on the land which is being taken over by the CDA.
The rates for constructed building are yet to be finalised. There has been a trend in the past that whenever CDA starts taking possession of any area the number of buildings increases significantly.
Usually CDA ends up paying a huge amount to the original owners for the buildings at the land, said an official of the planning wing.
There is a limited number of plots for CDA in C-15 â€“ if the BUP amount goes up too much the whole sector could become a loss making venture for the CDA, said Mr Abro.
C-15 and C-16 are small sectors and their combined area is just over 8,000 kanals, which is the size of an older sector in Islamabad.
â€śThese sectors are small because of bad planning of Margalla road by former director planning Sarwar Sindhu, as a result of which sectors were carved in improper shapes said an official of the planning wing, who did not want to be named.
Published in Dawn, December 23rd, 2014