Nadeem Tanoli
Islamabad : By establishing new rules and regulations, the Capital Development Authority (CDA) has taken an important step toward improving governance and administration in housing societies.
These initiatives are intended to address the issues that such societies face while also promoting openness, accountability, and higher living standards for citizens.
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The regulations, which are expected to have a substantial impact on the real estate market, will create a more organized and regulated environment for both developers and clients.
According to recent reports, the CDA has suggested to the government a set of severe standards for the proper management of housing projects. Although the civic agency has not yet made these rules public, sources say the CDA Board authorized them in April 2023.The following are some of the important characteristics of the new rules:
• All housing societies must acquire a No Objection Certificate (NOC) from the CDA before granting allottees possession of plots.
• Plots can only be allotted/transferred if they are part of the society’s authorized layout plan.
• All housing societies must submit their bank account data and annual audit reports to the CDA.
• Allotment letters must be shared with the CDA within three days of issuance.
• The CDA board has set a fixed commercialization cost of PKR 3500 per square yard.
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Many stakeholders have welcomed the new guidelines, believing that they will assist to increase the openness and accountability of housing societies. However, several developers have expressed concerns about the new rules’ influence on their businesses.
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According to the CDA, the new guidelines are important to protect allottees’ interests and enable the orderly development of housing societies in Islamabad. The authority has also stated that it will be flexible in enforcing the new guidelines and will collaborate with developers to facilitate a smooth transition.
The new restrictions are set to take effect in the coming months.
