ISLAMABAD: The 14th board meeting of the Capital Development Authority (CDA), held on Wednesday under the chairmanship of Muhammad Ali Randhawa, approved key initiatives including the auction of commercial plots and the hiring of an audit firm to enhance the authority’s financial management system.
During the meeting, it was revealed that the CDA raised Rs19.56 billion by successfully auctioning eight commercial plots and four shops in 2025. Notably, the plots and shops sold at prices over 11% higher than the market rate, with some fetching up to 33% above their reserve price. The auction, conducted between July 11 and July 15, attracted serious and financially stable investors, despite tougher payment terms. The CDA had shortened the instalment period from two years to one and reduced the upfront payment discount from 10% to 5%.
A CDA press release credited the success of the auction to the strong trust shown by businesspeople in the authority.
The board was also briefed on the appointment of an audit firm for financial governance reform. Among the firms that applied, KPMG was selected after meeting the technical requirements. The firm will be tasked with preparing CDA’s five-year financial statements and reviewing its asset base. The chairman directed the completion of this task within six months.
In a separate move, the board approved initiating a fresh tendering process to outsource solid waste management across both urban and rural Islamabad. It was decided to invite bids from reputable national and international firms, dividing the waste collection into multiple packages. The CDA also approved a three-month extension of its current waste collection agreement with the Rawalpindi Waste Management Company (RWMC). The chairman further instructed improvements in the standards of waste transfer stations and dumping sites.
The board agreed to form a committee to determine the seniority of BS-19 environment cadre directors and referred the proposed new promotion procedure for sub-engineers to the service rules committee for review.
Additionally, the board approved the budget estimates for the fiscal year 2025–26 based on departmental recommendations. It was also decided that water charges would now be collected through a cashless system.
Chairman Randhawa reaffirmed that Islamabad’s development, beautification, and prosperity remained the CDA’s top priorities. He emphasized that all available resources are being used to improve housing, transportation, and public services to transform Islamabad into a model capital city.
Read Also:SBP keeps monetary policy rate unchanged at 11pc
