CDA's Housing Monetisation Plan To Give Islamabad A New FaceWednesday, September 19, 2012
The Capital Development Authority is planning for a dramatic overhaul of the federal capital’s skyline. The CDA’s urban planning wing is preparing proposals for skyscrapers in sectors G-9 and F-6. The plan proposes a special zone of mixed use over an area of 371 acres with high rise developments. According to CDA Chairman, the plan is designed to gear up economic generation. CDA expects to generate a handsome amount of Rs 147.5 billion from this project. Last month, the Finance Minister had directed the Planning Commission to evaluate the political fallout of this plan. The monetisation proposal of lands of government housing units was approved in April and a revision of existing planning parameters, re-zoning and land re-classification was expected.
The Ex Prime Minister Yousuf Raza Gillani was informed that the land in F-6 and other posh localities of the sector is just a waste of precious land because it houses government employees. According to the official record, only eight percent of federal government employees are housed in residential facilities owned by the federal government, 20 percent live in rented accommodation and 70 percent receive accommodation allowances.
The skyscraper project would also be a part of the Planning Commission’s “New Framework for Economic Growth” and it would include apartment buildings, commercial plazas as well as new public sector buildings. CDA also wants to establish a Real Estate Development Company to prepare business plans to attract local as well as overseas investors in the special zone of high-rise developments.
However, a few are against this plan as they consider it useless because it will be established in F-6 which is deemed too ‘quiet and peaceful’ and will benefit only a few influential people. However, the Chairman said this project will help CDA meet the modern development trends as it will develop 25-storey towers and commercial plazas. A few floors will be designated first for commercial purposes while the rest of the floors will be for residential apartments.