Islamabad: Federal Planning Minister Asad Umar on Wednesday announced that Islamabad Regulatory Authority (IRA) will be set up under Metropolitan Corporation Islamabad (MCI) and Capital Development Authority (CDA) to regulate buying and selling of land in the capital city, according to news sources. Under the proposed Islamabad Regulatory Bill, MCI will be a regulatory authority while CDA will act as a regulator for purchasing and selling land.
Federal Minister for Planning, Development and Special Initiatives Asads Umar stated that no one will be allowed to acquire land from the locals for housing societies in Islamabad. He went on to say that the power of 2-k under Section 4 of the Land Acquisition Act-1984 will be deleted and new land could not be acquired. He further added that with this law, the discrimination between urban and rural areas of Islamabad will end.
In another source, the federal minister stated that CDA Act 1960 has been amended and no government or anyone else can impose section 4 for land acquisition. He added that land already acquired under Section 4 and whose payment had not been made yet, will be considered null and void. The payment for the land will be made according to the market price.
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
