Investors of Zone-V ask CDA to stop anti-encroachment until finalization of bylaws

Islamabad: In a meeting of the Builders and Developers Association (BDA), the owners have called upon the Capital Development Authority (CDA) to de-seal buildings and stop the anti-encroachment operation until the by-laws for Zone-V of Islamabad are finalized.

Muhammad Shafiq Akbar of the Imarat Group of Companies said that the respective area has a huge amount of money invested in by the local and overseas Pakistanis. The matter should be resolved timely so as to stop any further loss of money. The realty sector alone had the potential to pay the country’s foreign debts.

Adding to it, the BDA Vice President Farhan Javed said that Zone-V of Islamabad already had a total of 150 plazas in which investments have been made by 70 builders.

According to the BDA General Secretary Jameel Khaliq, the association intends to act as a bridge between the private builders and city planners in order to raise the competitiveness of the real estate industry in alignment with the forthcoming economic development needs of Pakistan.

Raja Baber of Darvesh Estate Group valued the BDA for getting key stakeholders of the realty industry together for requesting CDA for approval of the submitted building drawings of Zone-V.

In regards to the protest, CDA Member Planning Shahid Masood said the operation was carried out as per orders of the Supreme Court (SC) which had directed the authority to gain control of its land across the capital. He ensured all key holders at the meeting that by-laws would be finalized by the end of July and presented to the federal cabinet.

This meeting was held in regards to CDA demolishing and sealing commercial plazas and small buildings in Zone-V’s commercial area.

For news and updates keep on visiting Graana blog