ISLAMABAD – Popularly known as a “moneyed civic agency”, the Capital Development Authority (CDA) is reportedly so strapped for cash that it failed to refund money to those allotted flats in sector I-15 who had applied for a refund. “Half of those who were allotted flats in sector I-15 have withdrawn their funds in the last two years and remaining half of them have also applied for refunding but are running from pillar to post for the last few months to get their money back because of a lack of funds in CDA,” a senior official of CDA told Pakistan Today.
He said that the main reason of refund requests by people was that the CDA had as yet not started the development work of sector I-15. “The CDA has not only stopped refunding to those who had been allotted plots and flats in sector I-15 but is also likely to stop funds for new and ongoing development projects,” he said. The official said that the CDA used up most of its reserve funds and the money generated from sold plots and flats of sector I-15 on other projects.
The official feared that the CDA’s poor financial position, if continued to deteriorate in the next few weeks, would halt the ongoing schemes. CDA finance member Saeed-ur-Rehman, refuted the claims that CDA lacked money. “CDA pays Rs 50 to 60 million every month to those allotted flats in sector I-15,” he said. However, he said some delay in payments occurred because of the documentation process.
– Strapped for cash
