CDA Takes Firm Stance Against Fraud with Housing Regulations
Islamabad: The Capital Development Authority (CDA) initiates new regulations to combat deceptive practices in housing societies, focusing on plot allocation and land possession verification.
In response to rising housing scheme fraud, the CDA in Islamabad has rolled out robust regulations to curb fraudulent practices within the real estate sector. According to recent reports, the enforcement of these regulations commenced on January 10, marking a significant step towards protecting citizens from deceptive tactics employed by certain housing societies.
The newly implemented measures are designed to address issues such as over-invoicing and the allocation of plots without actual possession of the designated land. Numerous cases have surfaced nationwide, with investors facing disappointment after being duped by housing schemes that failed to deliver promised plots.
One of the key concerns highlighted by authorities involved the unauthorized sale of land earmarked for essential amenities like green spaces, mosques, and schools by certain housing projects. Recognizing the severity of the situation, Lt Gen (R) Nazir Ahmad, Chairman of the National Accountability Bureau (NAB), recently announced an anti-fraud policy during an Anti-Corruption Day ceremony in Lahore.
The announced policy brings forth several significant developments:
- Project sponsors must share allotment letters with the CDA to regulate saleable areas in approved layouts and building plans.
- CDA ensures that only plots from approved layout plans are eligible for allotment or transfer.
- Plot owners are permitted to proceed with construction even if layout plan approval is canceled due to the sponsor’s default.
- Housing projects for apartments and commercial units must obtain CDA approval before making public announcements or accepting advances.
- Sponsors are restricted from initiating additional phases without completing 70% of the existing project or altering allotted plot locations.
- Sponsors are mandated to maintain a website linked to CDA, providing details such as layout plans, land ownership, and NOC details.
- A stipulated percentage of the area (8% in Zone-2 & 5, 12% in Zone-4) must be designated as regular parks or playgrounds, including a multipurpose playground.
- The policy sets access road width standards in schemes and outlines penalties for violations.
The CDA’s decisive actions underscore its commitment to safeguarding the interests of property investors and ensuring the integrity of housing schemes across Islamabad. For the latest Real Estate News and Blogs, visit Realtorspk blogs.