Home / Chambers of Commerce / Capital Development Authority sitting on Rs20 billion investors’ money: Shahid Rasheed Butt

Capital Development Authority sitting on Rs20 billion investors’ money: Shahid Rasheed Butt

Islamabad, April 23, 2015 (PPI-OT): CDA continue to sit on around 20 billion rupees collected from masses and developers since years hurting its reputation and investment climate. Commercial and residential plots sold since long are not being developed and not handed over to owners while the money raised through sale is being used to meet the expanses of the civic body, said Patron Islamabad Chamber of Small Traders Shahid Rasheed Butt.

In a statement issued here today, he said that CDA is not handing over plots on one pretext or other but trying to sell other plots which has dented confidence of masses and investors. He said that layout plans etc. of various commercial buildings are not approved since long while a number of plots for welfare projects like schools, post offices, community centres, and dispensaries have been converted to commercial plots which is exploitation.

Moreover, CDA has initiated practice of selling space earmarked for parking making business activities difficult for the trading community, said Shahid Rasheed Butt. He said that CDA has received money of some sectors from decades but basic facilities like sanitation, electricity, gas and roads have not been built which speak volumes about its efficiency.

CDA is also blamed to be lenient against the land mafia resulting in plot grabbing and strengthening of land mafia. Unless addressed, the reputation of the civic agency will continue to deteriorate adding to the problems of institutions, masses and investors, warned Butt.

For more information, contact:
Jahangir Akhtar
Secretary General
Islamabad Chamber of Small Traders and Small Industry
Office No, 9 Block E, Super Market, Islamabad
Cell: 0344-5111174

Leave a Reply

Scroll To Top