ISLAMABAD: The Capital Development Authority (CDA) on Thursday claimed that for the fiscal year 2022-23, its estimated budget will be of Rs308 billion.
During a board meeting held at CDA’s headquarters with Chairman Amer Ali Ahmed in the chair, the participants were told that the main sources of the estimated budget will be revenue generating projects.
A board member said that the civic agency was planning to launch the Overseas Enclave Project, which was also known as Park Enclave IV, while apartment schemes will also be launched in E-11. Therefore, the civic agency is expecting a revenue of over Rs300 billion.
CDA spokesperson Syed Asif Raza said that it will be the first ever budget of the CDA that will not be based on auction receipts.
“Auctions have only been proposed to maintain constant supply of commercial space in the city. However, this is the first time in history of CDA that a statement of income and receipts are not reliant on auctions. Traditionally, it has often been said CDA sells plots and pays salaries. However, for first time the trend is being changed,” said a statement issued by the CDA after the board meeting.
It said that the revised estimates for 2021-22 were still closing with a surplus of nearly Rs68 billion. In 2021-22, CDA made the highest expenditure on development.
The statement said the board also observed that the authority should give back to society and residents. “One example is recommendations to make travel in Islamabad bus service free for women. The financial adviser was also advised to identify more initiatives to benefit residents,” read the statement.
Meanwhile, sources said that the CDA board also took up a summary related to a major policy change, “structural adjustment of master plan in sectors west of Grand Trunk Road, Islamabad.” There was uncertainty regarding approval of this summary as an official claimed that it had been approved in principle by the board. However, the spokesperson said that he had no knowledge of the summary.
Published in Dawn, April 1st, 2022
