CDA's Credibility At Stake With Stalled ProjectsTuesday, July 31, 2012
The whirlpool of controversies has continued to suck CDA further down the vortex as the authority failed to start several of its projects which, ostensibly, have already been launched. Two of the major projects in this regard are Park Enclave and Margalla Retreat. Park Enclave, much like many other CDA projects was initiated with high claims where the authority assured that the plots would be handed over to buyers within two years.
According to estimates, CDA bagged a little less than Rs 2 billion for this project when 600 people sent requests for these plots. Regardless of such a high amount, CDA's financial crisis has worsened as it is having a hard time meeting its day to day expenses.
Margalla Retreat in E-11 was another such project launched by the CDA with high promises. Both agents and people had faith in it as it was a joint venture of Multi Professional Housing Society and the CDA. This project was nudged down the slippery slope of doom when the JV was challenged in the Supreme Court, as per who's ruling, the CDA couldn't enter into any joint venture with a private body. Supreme Court also ruled that CDA should clear the pending dues of MPCHS developer.
Without paying any heed to the latter order, CDA invited applications for its second project. 58 eager professionals responded. Enticed by the claims CDA made in an ad, each of the applicants deposited Rs 7.2 million, hoping CDA would be able to wrap up the process of balloting quickly in September 2011.
Ten months later, the people are still waiting. During this period of time, people only heard once from the CDA. The impending problems with CDA, as per some, are because of the internal problems. According to sources at the CDA, there are elements within CDA who are working with big private investors to plot a plan to buy land at lower prices by spreading panic so that they can later sell it at a higher price.