Faisalabad: The Faisalabad Development Authority (FDA) has moved forward with a proposal to auction 377 residential plots of different sizes in FDA City through a balloting system, aiming to provide a fair and accessible opportunity for citizens to acquire property.
In this regard, Director General FDA Muhammad Asif Chaudhary directed the relevant departments to prepare a comprehensive and practical model for the sale of these residential plots through a lucky draw mechanism on an installment basis. The instructions were issued while he was chairing a meeting held to review the availability and details of residential plots in FDA City.
During the meeting, the participants thoroughly reviewed various aspects related to the proposed sale, including terms and conditions, legal requirements, procedural frameworks, plot categories, pricing mechanisms, and installment durations. Detailed discussions were held to ensure transparency and feasibility in the proposed balloting process.
It was decided that a special committee would be constituted to formulate a formal and structured model for the balloting process in line with specific Terms of Reference (TORs). The committee will be responsible for finalizing key components such as plot prices, down payment ratios, installment schedules, and possible incentives for applicants.
The DG FDA stated that once the proposed model is finalized, it will be presented before the Board of Governors for approval prior to implementation. He emphasized that selling plots through a balloting system on installments, instead of an open auction, would be more attractive and affordable for potential buyers, while also ensuring equal opportunity for interested citizens.
He further instructed the concerned officials to seek feedback and suggestions from stakeholders, including relevant departments and the public, to ensure that the proposed model is implemented under a strong, transparent, and effective strategy that benefits both the authority and the general public.
Samra Zulfiqar, a real estate analyst at Zameen.com, is passionate about finding projects that offer buyers the best returns. Her keen insights spotlight the market’s most promising opportunities.
