ECONOMIC ACTIVITY WORTH PKR 100 BN IN ISLAMABAD

Economic growth in Islamabad

ECONOMIC ACTIVITY WORTH PKR 100 BN

As the government has been focusing on the construction sector, data released by Capital Development Authority (CDA) showed that Federal capital generated an economic activity worth around Rs100 billion.

Contrary to the calendar year 2019 when BCS approved maps of around 350 buildings, the Building Control Section (BCS) of the civic agency in 2020 approved maps of 2,315 buildings on 22 million square feet. Moreover, collected Rs1.92 billion in terms of fee.

CDA spokesperson Mohsin Sherazi said that in the past the civic agency hardly took interest in approving private housing societies. Therefore, not only illegal structures were raised but economic activities could not be generated as investors hesitated from pumping funds in illegal projects.

“We divided the BCS into three directorates, including one for Zone-I and housing societies. We earned Rs1.92 billion only by approving the building plans. Overall area on which CDA has approved the buildings is 22 million square feet. If we suppose that we spent PKR4,000Billion on construction of per square foot. Therefore, we generated an economic activity of around Rs100 billion in the capital,” he said.

Mr Sherazi said we have formulated a policy at the federal level to encourage and help the construction industry. Hence,  the civic agency will earn more in coming years.

According to a statement, the CDA collected Rs1.92 billion by approving maps of 2,315 buildings in 2020.

“These maps were of 2,075 residential and 138 commercial buildings. Last year, authorities issued completion certificates of 359 buildings. Moreover, CDA has collected a revenue of Rs1.92 billion in respect of building approval fees,” it stated.

Read more on Landster blog.

 

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