ISLAMABAD - The Capital Development Authority (CDA) board on Friday approved nearly Rs46 billion budget for the financial year 2014-15 setting aside 44 percent of the uplift budget for sector development, a move that would trigger real estate business in the federal capital after a brief pause as the civic agency announced it would embark on developing the long-awaited C-sectors in the capital’s environs.
The budget was presented by Chairman CDA Maroof Afzal who was flanked by senior officials of the authority most of them involved in budget making exercise. The total outlay of spending is estimated at Rs.45,824.87 million for the financial year 2014-15, which is 35 percent more than the current fiscal year 2013-14. Total receipts are estimated at Rs.45,824.87 million, which is 23 percent more than the estimated receipts of current year. Development budget is estimated as Rs.30,144.16 million, which is 66 percent of the total budget. Non-development expenditure is estimated at Rs.15,680.71 million, which is 34 percent of the total budget.
Around Rs.35.73 billion are estimated as receipts from the sector development and auction of residential and commercial plots. Revenue receipt of Rs.7.087 billion is expected from various taxes / duties etc. Major development schemes to be carried out during the current financial year through CDA sources have been estimated at Rs.5410 million including Rs. 1 billion for construction of Margalla Roads (Phase-II), Rs.500 million for development of Park Enclave, Rs.500 million for up-gradation of 7th Avenue, Rs.350 million for construction and development of car parking areas in Islamabad, Rs.250 million for construction of two under passes on Faisal Avenue in Sector G-7/G-8 and Sector F-7/F-8 have been allocated.
Besides, Rs.200 million have been allocated for construction of semi-covered markets in the city, while Rs.100 million have been set aside for construction of Slaughter House in Islamabad.
While acknowledging the need for development and opening of new sectors, Chairman CDA Afzal said Rs.500 million has been allocated for development of three new Sectors - C-14, C-15 and C-16. Similarly, Rs.500 million have been allocated for the development of stalled sectors where development was overdue since long.
He said keeping in view the shortage of residential units for the CDA employees, it has been decided to allocate Rs.100 million for construction of apartments for CDA employees, while Rs.100 million would be spent on up-gradation of blocks and construction of one new block in the Capital Hospital to facilitate the employees with proper health facilities. Terming the budget as development oriented, he said focus had been given to acquisition of land, development of stalled sectors where development ihad been pending since many years and development of new sectors to provide opportunities for new housing facilities to the people.
He also said that in addition to major development projects focus has also been given to the repair and maintenance of existing infrastructure, play grounds, parks, sewerage system and water supply lines.
On this occasion, Member Finance, Arbab Sher Bahadur, Member Administration and Estate, Amir Ali Ahmed, Member Environment, Syed Mustafain Kazmi, Member Planning and Design, Waseem Ahmad Khan and Member Engineering, Shahid Sohail were also present. Around Rs.200 million have been allocated for fencing of CDA acquired land to save it from the encroachers and Rs.50 million have been allocated for establishment of public facilitation centers. Rupees 10 million would be spent on installation of solar system on traffic signals in Islamabad.
Another Rs.200 million has been allocated for development of Markaz in Sector D-12 and Kuri Model Village would be developed at the cost of Rs.225 million. An amount of Rs.200 million has been doled out for the development of Sector I-12. Improvement of water supply system through external sources will get Rs.100 million. Similarly, Rs.400 million have been allocated for the development of Sector I-12.
Akhtar Mehsud, a real estate builder told The Nation that development of C-series of sectors was a welcome move as private property dealers had purchased land from locals on cheaper rates and had been waiting for CDA to develop the area. “The announcement of new sectors in Islamabad would reinvigorate the real estate business that was quite cold in the past five years,” he remarked.