Islamabad Property News: CDA refunds Rs 1.25b to allottees of Sector I-15

Bird's eye view of Islamabad, Pakistan

Image via Wikipedia

IslamabadCapital Development Authority (CDA) has refunded Rs 1.25 billion to allottees of sector I-15 due to non- execution of the project initiated in 2005.

An official of CDA told media that the Authority had also specified Rs 930 million in its annual budget for fiscal 2010-11 to refund amount to the allottees.

The residential project was not executed due to the wrong estimates by the then concerned planners and officials. Delay in the construction of each flat has enhanced the cost upto 2.4 million from Rs 1.4 million estimated in 2005.

Despite this situation, CDA tried to go for joint venture with Chinese government but failed to ink agreement on price mechanism, the official said. The amount have already been refunded to around 50 to 60 percent of the allottees under the refund policy of CDA while some others are still approaching the authority for their amount.

Leave a Reply