NAPHDA interested in joint venture with CDA to develop part of Blue Area

ISLAMABAD: The Naya Pakistan Housing and Development Authority (NAPHDA) has displayed an interest in developing a part of Blue Area on a public-public partnership model with the Capital Development Authority (CDA).

The CDA acquired area is the commercial hub of the capital and is a major source of revenue for the authority. The authority depends on the revenue from the area to fund its development and non-development expenses.

In a letter to the Cabinet Division, NAPHDA has requested the Cabinet Division to seek input from the Ministry of Law and Justice on its proposal to initiate a public-public partnership.

The letter further reads, “The Naya Pakistan Housing and Development Authority (NAPHDA) and Capital Development Authority (CDA) have planned a joint venture on the public-public partnership model. Wherein NAPHDA and CDA would jointly develop the subject area and float the same in the open market.”

CDA spokesperson Syed Safdar Ali said that the authority is yet to receive a formal request from NAPHDA to initiate a joint venture. He further added that any proposal received in this regard would be dealt with per the law.

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