Islamabad, 16 Oct 2023: The Islamabad Chamber of Commerce and Industry (ICCI) has called on the Capital Development Authority (CDA) to ensure the development of essential infrastructure and the provision of necessary services before the auctioning of plots, set to take place between October 17-20, 2023 at the Jinnah Convention Center. This appeal was made to better accommodate investors, who have, in the past, faced challenges due to inadequate infrastructure following their investments. The details emerged during a presentation by CDA officials at the ICCI.
Faad Waheed, Acting President of the ICCI, highlighted the need for a streamlined process, recommending a one-window facility for investors to assist them after the auction. He stressed that previously, many investors faced challenges stemming from a lack of infrastructure despite investing substantial capital in commercial plots from CDA. Waheed also emphasized the importance of the CDA acquiring No Objection Certificates (NOCs) from the Environment Protection Agency (EPA) for auctioned plots, aiming to alleviate investors from further hurdles. He called for a consultative approach to finalize building bylaws to prevent complications for investors.
Faisal Naeem Baig, Director General of Building and Housing Control for CDA, while briefing the business community, acknowledged the concerns raised regarding the auction process. Assuring that a significant portion of the auction's revenue would be allocated to the development of relevant areas, Baig reiterated CDA's commitment to enhancing infrastructure. He also confirmed that the CDA would establish a one-window facility for successful auction bidders to aid them post-auction.
Adding to the discussion, Engr. Azhar ul Islam Zafar, Vice President of ICCI, underlined the importance of timely issuance of completion certificates for commercial buildings. He pointed out that delays have previously caused financial losses to investors and emphasized the necessity to streamline procedures within the Estate Department.
Other prominent attendees, including Khalid Iqbal Malik, Muhammad Ejaz Abbasi, and Khalid Chaudhry, also provided valuable suggestions to refine CDA's pre-auction and post-auction processes in order to better serve investors.