CDA expecting Rs 4bn from plot auction

ISLAMABAD: The Capital Development Authority (CDA) is expecting a revenue of Rs 4 billion from the two-day auction of commercial plots.

During the auction of commercial plots, the CDA auctioned 14 commercial plots successfully.

A sum of Rs 1 billion would be received in first phase of the auction. However, the auction committee would submit its recommendations to the CDA Board, which is the final authority for approval of these bids. The CDA auctioned four commercial plots in Sector I11/4 and four plots in I8 Markaz, three plots in F11 Markaz and one plot each in F8 Markaz, sectors I10/3 and G5. app Continue reading

CDA unable to recover Rs4.51b lease extension fee, other taxes

Islamabad

The Capital Development Authority (CDA) has not been able to recover Rs4.51 billion on account of lease extension fee, annual ground rent and other taxes of commercial plots whose lease period had expired.

The auditor general’s report released recently has pointed out that the CDA Estate Management Directorate leased out commercial plots in various sectors for a period of 33 years. The audit found that the lease period of commercial plots allotted before 1979 had already expired. Upon expiry, these lease agreements have not been extended after recovering due lease extension charges from allottees and beneficiaries. “This resulted in non-recovery of Rs4.51 billion on account of lease extension fee, annual ground rent and other taxes,” the report said.

The audit maintains that non-recovery on account of lease extension fee was due to different revenue-recognition policies, disregard to the rules and regulations and internal controls.
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Dubai developer Deyaar Q2 net profit rises 47pc

DUBAI: Dubai property developer Deyaar on Sunday reported a 47 percent rise in second-quarter net profit as it gained from lower costs and fair-value adjustments of prices for its investment properties.

Deyaar, one of the companies worst hit by Dubai’s real estate market collapse in 2009-2010, posted a consolidated net profit of 27.3 million dirhams ($7.4 million) compared with 18.6 million dirhams in the corresponding period of 2012.

One analyst at SICO Bahrain had forecast a second-quarter profit of 6 million dirhams.

Revenue for the quarter dropped to 93.6 million dirhams from 143.5 million dirhams in the prior-year period.

The developer made a gain of 36.6 million dirhams in the quarter from fair-value adjustments for its investment properties. Direct costs for the quarter fell to 2.2 million dirhams from 82.9 million dirhams.

Property firms in Dubai began recovering last year after prices dropped by over 50 percent over several years from their peak in 2008. In July, Dubai’s largest developer Emaar Properties reported a 10 percent rise in second-quarter net profit. Continue reading

240 decrepit buildings declared dangerous

LAHORE: City administration has declared at least 240 shabby buildings located in Walled City area dangerous and restrained people from residing in such houses to avoid any untoward incident during Monsoon season. On the directions of city administration, the Town Municipal Administration of Ravi Town formed special teams comprising building inspectors and civil engineers to inspect such buildings located in Walled City area and take action. TMA issued notices to the residents and directed them to demolish or repair the building according to its condition and any structure which was declared unsafe by TMA for residence must be demolished. City District Government Lahore (CDGL) has set a policy in this regard which was conveyed to the TMAs to avoid any undesdireable incident due to monsoon rains. app Continue reading

Building bye-laws being violated in Satellite Town

Rawalpindi

Contrary to the policy of the Punjab government, building bye-laws are being violated in different localities of the city, especially Satellite Town, allegedly in connivance with the municipal officials and building authorities.

The big plots, meant for single unit construction, in E-Block, 4th-B Road and around the Holy Family Hospital, have been divided into plots of four to ten marlas and houses built in sheer violation of the building bye-laws. Mumtaz Shah, a resident of E-Block, said such houses, hundreds in number, were being built without approval of the authorities concerned.

He alleged that the civic authorities seemed to be hand in glove as they had turned a blind eye to the illegal construction of small houses on big-sized plots. Another resident Hafeez Khan urged the civic authorities to launch an operation against the violators of bylaws, besides initiating stern action against their corrupt officials.

When contacted, sources in the Rawal Town Municipal Administration said legal action would be taken against the violators and the staff found involved in corrupt practices. Continue reading