Faisalabad: The Faisalabad Development Authority (FDA) has achieved a significant milestone in strengthening its financial position and institutional resources by selling a total of 284 residential plots comprising 10-marla and one-kanal areas in various blocks of FDA City to Faisalabad Electric Supply Company (FESCO) for Rs. 2. 3476 billion.
An FDA spokesman said here on Saturday that under the agreement, the first installment cheque of Rs. 586 million was presented to Director General FDA Muhammad Asif Chaudhary by FESCO Chief Executive Officer Muhammad Amir during a formal ceremony held in the presence of Divisional Commissioner Dr. Imran Hamid Sheikh.
The ceremony was attended by Additional Director General FDA Qaiser Abbas Rind, Chief Engineer Mehr Ayub, Directors Suhail Maqsood Pannu, Junaid Hassan Manj, Yasir Ejaz Chattha, Afnan Saeed Sandhu, and other senior officers of FDA and FESCO.
Speaking on the occasion, Divisional Commissioner Dr. Imran Hamid Sheikh lauded FDA’s innovative and effective initiative aimed at achieving financial sustainability.
He said that modern public institutions can only become stronger, self-reliant, and sustainable by creating new revenue streams.
He appreciated FDA’s strategic planning, transparency, and foresight, stating that the authority had introduced a model that could serve as an example for other development agencies.
Divisional Commissioner said that the agreement would not only significantly strengthen FDA’s financial resources but also accelerate urban development projects, improve civic amenities and facilitate the timely completion of ongoing development schemes.
He also appreciated FESCO’s decision to provide its employees with a secure, modern, and high-quality residential environment, saying the initiative would positively impact employee welfare and institutional performance.
He expressed hope that cooperation between the two organizations would continue to grow, creating more opportunities for public service.
Briefing the Divisional Commissioner, Director General FDA Muhammad Asif Chaudhary said the authority had explored various business models to enhance financial resources and institutional self-reliance, with the sale of FDA City plots to FESCO emerging as the most effective strategy.
He said that the project received formal approval from the FDA Board of Governors, while all legal, financial, and administrative requirements were fulfilled with complete transparency.
He explained that the selected plots were initially proposed for sale to the general public on easy four-year installment plans. However, FESCO’s offer for a bulk purchase proved to be more beneficial for the authority, and after completing all legal and procedural formalities, the agreement was successfully finalized.
DG FDA said that immediate financial resources generated through the agreement would be utilized for development projects, improvement of civic facilities, and enhancement of public services.
He reaffirmed the authority’s commitment to pursuing innovative, effective, and sustainable planning initiatives to ensure long-term financial self-sufficiency.
Muhammad Asif Chaudhary thanked Divisional Commissioner Dr. Imran Hamid Sheikh, FESCO CEO Muhammad Amir, officers of both organizations, and all participants for their support, emphasizing that such landmark projects could only be accomplished through strong inter-institutional collaboration.
FESCO Chief Executive Officer Muhammad Amir said the company was developing a modern, secure, and high-quality housing scheme for its employees and FDA City had emerged as the most suitable choice due to its prime location, well-planned infrastructure, and availability of all essential civic facilities.
He said that the project would provide FESCO employees and their families with a better standard of living and a safe residential environment.
He further appreciated FDA’s professional competence, transparent working practices, and the administration’s wholehearted cooperation, stating that these factors ensured the successful completion of the agreement.
He thanked Director General FDA Muhammad Asif Chaudhary, his team, and Divisional Commissioner Dr. Imran Hamid Sheikh for their valuable support and expressed confidence that cooperation between FESCO and FDA would continue to expand, leading to the successful execution of more public welfare projects in the future.