Islamabad: The Capital Development Authority (CDA) has declined a proposal put forth by the Overseas Pakistanis Foundation (OPF) to develop a housing project on a joint venture (JV) basis in Zone IV of the capital city, a news source reported.
Previously, the foundation had requested the civic agency to extend the lease agreement (which expired in 1992) pertaining to a chunk of land measuring 400 kanals for developing the said scheme.
In 1983, the OPF had procured an industrial unit, Kaghan Brick Works Ltd, situated on 400 kanals leased by the CDA. However, in 1996, the then OPF Board of Governors (BoG) decided against pursuing the project.
The Ministry of Interior recently asked the authority to submit its reply in the summary forwarded by the OFP, in which it had sought an extension in the lease agreement for developing the housing project on a JV basis.
In response, CDA officials informed the ministry that the lease agreement had expired years ago. They said that the CDA ordinance prohibits the authority from undertaking joint ventures.
