Islamabad: The Capital Development Authority (CDA) has proposed stringent rules for housing societies, a news source reported on May 29. The new regulations are not notified yet but were approved by the CDA Board last month.
The following are the proposed regulations for housing societies:
- Possession of plots in any scheme will not be handed over to the allottees until the housing scheme is fully developed and a completion certificate is acquired from the authority. With this, the authority aims to keep a check on the practice of overselling of plots.
- The transfer letters of plots should be vetted by the civic agency
- To facilitate the construction needs of the transferees, sponsors, and allottees, permission from the authority must be sought before handing over plots by submitting an undertaking to complete the development work after the issuance of the NOC.
- The interest of the general public and allottees will be secured in case of default by sponsors. Individual allottees/transferees of the scheme/project shall be extended the approval for the construction of their houses/buildings in accordance with the bylaws of the authority.
- Any sponsor of housing schemes/projects will not advertise the real estate project, accept deposits or advances in any form against any booking to sell until the layout plan is approved by the authority and executed the transferred and mortgaged deeds under this regulation in case of a housing scheme and building plans in case of apartment/commercial project.’
- The sponsors must provide details of all bank accounts and annual audit reports of the scheme to the CDA.
- The allotment letters to be issued by the sponsors must be shared with the CDA within three days of issuance.
- No allotment letter (original, provisional, or transfer) will bear any credence unless it is vetted (with a sign and stamp) by the concerned director.
- Only those plots will be allowed to allot/ transfer which are part of the approved layout plan of the scheme.
- Under the stringent rules for housing societies, the CDA Board has a fixed commercialisation fee at PKR 3,500 per square yard.