Post Reply 
 
Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
CDA sells off plot to wrap up issue
04-06-2012, 12:30 PM
Post: #1
CDA sells off plot to wrap up issue
CDA sells off plot to wrap up issue

ISLAMABAD – Finally, the Capital Development Authority (CDA) has wrapped up the issue of outstanding compensation amounting to Rs 1.19 billion - the Authority has to pay to a cooperative housing society against the development of 54 acres of land in the northern strip of Sector E-11.It was earlier decided by the city managers that owing to prevailing grave financial crunch, the authority would clear off this Rs 1.19 billion liability by using its land bank option. TheNation has reported a few days ago that as per new arrangements finalised between CDA and MPCHS, the former would give same-priced plot to the latter in return of its approved compensation amount.The other day, administration of MPCHS taking part in auction of commercial plots offered the highest bid of Rs 261,000 per square yard against Plot No 56-D measuring 4,888 square yards and located in Blue Area F-6/G-6. The total cost of the plot is Rs 1.27 billion.Earlier, CDA Board on February 17, 2012 has approved the results of a local audit firm assigned the task to audit Rs 2.036 billion initial claim of Multi-Professional Cooperative Housing Society against the development of E-11 northern strip.The claim was submitted by the cooperative society after the apex court has declared a joint venture between CDA and MPCHS as illegal in 2011. The court had directed the administration of the housing society to pursue the remedy for recovery of any amount it had spent on the project in accordance with law. The CDA has already paid Rs 320 million out of the claimed amount to MPCHS on October 5, 2011 against tangible transactions. While rest of amount, Rs 1.64 billion was audited by an audit firm and fixed Rs1.19 billion as payable to MPCHS.The local auditors have refused to owner Rs 0.45 billion of the claimed amount, as the society administration remained fail to provide sufficient details of expenditures. Though the CDA Board has approved the amount, it had nothing to pay in cash to the society owing to financial crunch.“I don’t know from where we will pay to MPCHS, as I don’t have such huge amount in CDA accounts. But its possible if MPCHS took part in an open auction of CDA’s land and took some plot of the value of their approved amount,” CDA Engineer Farkhand Iqbal said while talking to The Nation few days ago.Though the audit was done by a local audit firm present on the panel of cooperative department under the Cooperative Housing Societies Act, it by rejecting approximately Rs 0.45 billion claimed amount endorsed the observations of the judges of the apex court.The court had observed, “It is not believable that such large sums of money were paid in cash. There was, so to say, no valid proof of payment furnished to our satisfaction. Thus, looked at from any angle, the transaction appears to be a sham deal. The whole exercise appears to be an eyewash. This also negates the claim of huge investment made by the MPCHS in this project.”Earlier, a commission formed by CDA was mandated to resolve the complexities in Rs 2.036 billion claim submitted by the MPCHS. Commission has suggested the CDA Board to audit the claim from an internationally recognised audit firm. The same suggestion was later endorsed by CDA Board
Find all posts by this user
Quote this message in a reply
Post Reply 


Possibly Related Threads...
Thread: Author Replies: Views: Last Post
  Sindh To Approach Federal Government To Resolve The Issue Of Land Grabbed Salman 0 697 03-04-2014 02:02 PM
Last Post: Salman
  CDA sells six plots amid aggressive bidding Salman 0 2,566 11-19-2013 04:52 PM
Last Post: Salman
  LDA Going To Held Plot Auction Salman 0 4,381 09-25-2013 12:24 PM
Last Post: Salman
  Punjab Govt Decides to Solve Disputed Land Issue With DHA Lahore Salman 0 3,697 07-11-2013 12:03 AM
Last Post: Salman
  CDA postpones plot auction Salman 0 1,674 06-19-2013 12:14 PM
Last Post: Salman
  CDA to take up Chirah Dam issue with Punjab government Salman 0 1,271 04-15-2013 01:57 PM
Last Post: Salman
  LHC directs LDA to resolve Bahria Town issue in 6 weeks Salman 0 14,893 04-02-2013 05:40 PM
Last Post: Salman
  CDA directed to issue plot letters toG-13 affectees Salman 0 2,186 12-21-2012 01:51 PM
Last Post: Salman
  Asked to do more: CDA sells land for survival Salman 0 1,864 11-20-2012 12:10 PM
Last Post: Salman
  CDA sets up committee to iron out kiosks issue Salman 0 1,504 10-16-2012 12:28 PM
Last Post: Salman
  CDA, Punjab gov’t clash on Rawal Lake issue Salman 0 3,231 07-19-2012 12:32 PM
Last Post: Salman
  LDA retrieves commercial plot Salman 0 1,671 04-16-2012 12:26 PM
Last Post: Salman
  CDA okays commercial plot bid Salman 0 1,595 04-12-2012 01:14 PM
Last Post: Salman
  CDA hands over five-acre plot to IHC Salman 0 1,465 04-05-2012 12:18 PM
Last Post: Salman
  Issue of land for inter-city bus terminal resolved Lahore_Real_Estate 0 959 01-25-2012 11:55 AM
Last Post: Lahore_Real_Estate
  Elite Town Electricity Issue Solved Lahore_Real_Estate 0 1,450 10-12-2011 03:05 PM
Last Post: Lahore_Real_Estate
  Build-up-property compensation issue Lahore_Real_Estate 0 1,273 09-08-2011 02:46 PM
Last Post: Lahore_Real_Estate
  Hillary phones PM over Davis issue Lahore_Real_Estate 0 834 02-21-2011 02:24 PM
Last Post: Lahore_Real_Estate
  Rescue 1122 Staff Salary Issue LRE 0 1,687 02-08-2011 10:59 AM
Last Post: LRE
  SC issues notice to Cantt Board, LDA to resolve roads blocking issue Lahore_Real_Estate 0 1,207 12-25-2010 05:37 PM
Last Post: Lahore_Real_Estate

Forum Jump:


User(s) browsing this thread: 1 Guest(s)