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IDA Proposes Flexible Payment Plan for CDA Auctioned Plots

IDA Proposes Flexible Payment Plan for CDA Auctioned Plots

Islamabad: The Islamabad Developer Association (IDA) convened a meeting with the CDA to discuss strategies for maximizing revenue and facilitating successful project development.

The President of Islamabad Devlopment Authority (IDA), Mr. Sardar Yasir Ilyas Khan, who is also the CEO of The Centaurus, along with Sardar Tahir Mehmood, President of Islamabad Estate Agents Association (IEAA), Umar Hussain Malik, Director of Karachi Steel, Chaudhry Naseer, Chairman of Maroof Hospital and Silver Oaks, Mustafa Bin Talha, Shahid Khan, Chairman of Red Sun, and several members of IDA had a meeting with Tahir Naeem Akhtar, the Member Finance of Capital Development Authority (CDA), Zafar Iqbal, Director General of Planning of CDA, Faisal Naeem, Director General of Building Control of CDA, and Habibullah Sheikh, Director General of Works of CDA.

Key proposals put forth by the IDA include:

  1. Granting plot possession with an initial payment of 50-75%.
  2. Extending payment deadlines to 30 working days.
  3. Implementing a flexible two-year installment plan.

Additionally, the IDA advocated reverting to the original parking space ratio and addressing development and road network concerns to attract higher bids and ensure more significant long-term revenue for the CDA.

Furthermore, developers emphasized the importance of collaboration between the CDA and IDA in implementing robust fire safety measures for Islamabad’s high-rise buildings. They proposed investing in advanced fire safety equipment as a commitment to the safety and future of the city.

The initiatives proposed are intended to speed up development, increase auction bids, and contribute to the immediate and long-term financial growth of the CDA. It is crucial to establish more vital collaboration between the CDA and developers to promote a thriving real estate market that benefits both parties and the city. For the latest Real Estate News and Blogs, visit Realtorspk blogs.

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