The fifth meeting of the CDA Board, chaired by Chairman CDA Muhammad Ali Randhawa, was held on Thursday at the CDA Headquarters. The meeting was attended by CDA Board members and relevant officers. Various agenda items were considered during the meeting.  According to the details, during the fifth CDA Board meeting, approval was granted for the bids received in the public auction of commercial plots.

The meeting was briefed that in the recent public auction, 17 commercial plots and 15 commercial shops were auctioned. In total, CDA received 23.4 billion rupees from the auction of 32 commercial properties. The briefing further informed that the recent auction received bids approximately 25% higher than the reserve price, with one commercial plot receiving 126% above the reserve price, and another plot receiving 85% above the reserve price, marking a historic achievement for CDA. 

Chairman of CDA Muhammad Ali Randhawa stated that the overwhelming response and participation in a large number of investors in the auction is a testament to the trust in CDA’s business-friendly policies and measures.  The CDA Board meeting decided to form a committee to review the leasing of commercial properties under the jurisdiction of DMA. Chairman CDA Muhammad Ali Randhawa emphasized that a review will be carried out regarding the leasing or renting of commercial properties by DMA at market rates.

A committee comprising officers from the Planning Wing, Finance Wing, and DMA has been formed for this purpose.  Additionally, the fifth CDA Board meeting discussed the construction of a parking plaza on the parking plot adjacent to Centaurus Mall. The meeting decided that the parking plaza should be designed to maximize parking capacity and should be designed as a commercial area with revenue generation in mind. 

Moreover, the CDA Board meeting decided to include reputable chartered accountant firms on CDA's panel in accordance with the law, to further improve CDA’s financial governance.  During the meeting, the plot of the Punjab Employees Social Security Institution in Sector I-10/4 was canceled due to default, and it was decided that the plot would be allotted to the ICT Employees Social Security Institution after fulfilling the legal requirements.

Credit: Independent News Pakistan (INP)