{"id":68973,"date":"2020-08-07T09:28:00","date_gmt":"2020-08-07T04:28:00","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=68973"},"modified":"2020-08-07T11:57:50","modified_gmt":"2020-08-07T06:57:50","slug":"cda-waives-off-5-bank-guarantee-to-facilitate-developers","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/cda-waives-off-5-bank-guarantee-to-facilitate-developers.html","title":{"rendered":"CDA waives off 5% bank guarantee to facilitate developers"},"content":{"rendered":"\n<p>Islamabad: The Capital Development Authority (CDA) has waived off the condition for developers to submit 5% bank guarantee, of the total project cost, for obtaining their building plans\u2019 approval, according to a news source published on August 6.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/cda-hire-consultants-development-projects-islamabad.html\" target=\"_blank\" rel=\"noreferrer noopener\">CDA to hire consultants for development projects in Islamabad<\/a><\/p>\n\n\n\n<p>As per details, the <a rel=\"noreferrer noopener\" href=\"https:\/\/www.zameen.com\/news\/new-blue-area-auction-concludes-on-a-high-note-for-cda.html\" target=\"_blank\">CDA <\/a>meeting held on Wednesday allowed the developers to mortgage 10% sellable cover area in the authority\u2019s favour, or submit <a href=\"https:\/\/www.zameen.com\/forum\/discussions\/projects_and_developments\/cda_waives_off_5__bank_guarantee_for_builders_-33611.html\" target=\"_blank\" rel=\"noreferrer noopener\">5% <\/a>insurance guarantee (from insurance companies having AA ratings).<\/p>\n\n\n\n<p>Previously, developers were required to submit a bank guarantee equivalent to 5% of the total project cost \u2013 according to the revised building bylaws in 2020. Under this condition, builders were required to keep the amount in bank accounts until the project is complete \u2013 costing millions to the builders.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/cda-sets-up-self-accountability-system-prevent-fraudulent-plot-allotments.html\" target=\"_blank\" rel=\"noreferrer noopener\">CDA sets up self-accountability system to prevent fraudulent plot allotments<\/a><\/p>\n\n\n\n<p>Moreover, the rule aimed at making the builders adhere to the originally approved buildings plans and keep them from any possibility of fraudulent practices. Now, however, this condition has been relaxed to assist developers and move the socioeconomic wheel of the construction sector.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Capital Development Authority (CDA) has waived off the condition for developers to submit 5% bank guarantee, of the total project cost, for obtaining their building plans\u2019 approval, according to a news source published on August 6. Read: CDA to hire consultants for development projects in Islamabad As per details, the CDA meeting held on Wednesday allowed the developers to mortgage 10% sellable cover area in the authority\u2019s favour, or submit 5% insurance guarantee (from insurance companies having AA ratings). Previously, developers were required to submit a bank guarantee equivalent to 5% of the total project cost \u2013 according to the revised building bylaws in 2020. Under this condition, builders were required to keep the amount in bank accounts until the project is complete \u2013 costing millions to the builders. Read: CDA sets up self-accountability system to prevent fraudulent plot allotments Moreover, the rule aimed at making the builders adhere to the originally approved buildings plans and keep them from any possibility of fraudulent practices. Now, however, this condition has been relaxed to assist developers and move the socioeconomic wheel of the construction sector.<\/p>\n","protected":false},"author":75,"featured_media":60265,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15013,15015],"tags":[36518,21514,36517],"persona":[],"class_list":{"0":"post-68973","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-construction","8":"category-legal-taxation","9":"tag-bank-guarantee-for-cda","10":"tag-capital-development-authority-cda","11":"tag-cda-waives-off-5-bank-guarantee-to-facilitate-developers","12":"cat-15013-id","13":"cat-15015-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>CDA waives off 5% bank guarantee to facilitate developers - Zameen News<\/title>\n<meta name=\"description\" content=\"CDA has waived off the condition for developers to submit 5% bank guarantee, of the total project cost, for obtaining their building plans\u2019 approval\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/cda-waives-off-5-bank-guarantee-to-facilitate-developers.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CDA waives off 5% bank guarantee to facilitate developers - Zameen News\" \/>\n<meta property=\"og:description\" content=\"CDA has waived off the condition for developers to submit 5% bank guarantee, of the total project cost, for obtaining their building plans\u2019 approval\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/cda-waives-off-5-bank-guarantee-to-facilitate-developers.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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