ISLAMABAD: In order to attract investment and boost economic activity, Prime Minister Shehbaz Sharif instructed the Capital Development Authority and the chief commissioner of Islamabad to launch two massive residential projects of international caliber for Pakistanis living abroad in Islamabad right away. According to the sources, the prime minister's orders led to the identification of the land in Sector C-14 Islamabad. According to the sources, construction on the two projects will get underway right once and be finished quickly. The project is anticipated to increase foreign investment in the nation and offer high-quality housing options to Pakistanis living abroad in the federal capital.
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The project concept (PC-1) is now being prepared by Member of Planning and Design Waseem Bajwa under the immediate supervision of CDA Chairman Noorul Amin Mengal in order to be urgently presented to the committee. After the PC-1 is approved, 10,000 residential plots would initially be created, according to the sources. Before the booking for the housing plans for the ex-pats was opened, the head of the committee, Ishaq Dar, would tell the prime minister about the residential developments and get his formal approval.
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It is reported that in the initial stage, as many as 10000 plots would be given to 10000 ex-pats while more plots will be offered later. Sources said that the CDA had identified 17,000-kanal in Sector C-14 and the Kuri area. In the first stage around 11000 residential plots will be developed while 20,000 plots will be provided in four more sectors in the next phase, the sources added. A top CDA official stated that Ishaq Dar, the finance minister will be given an initial briefing before contracts for development work are allocated. In response to a question, he noted that the prime minister had rigorously instructed that the projects' goals be not just to raise funds but also to quickly transfer ownership of completed plots to investors in order to regain public trust in the institutions.
According to the official, the projects would be created in accordance with international standards, and the housing developments will also include commercial plots and shopping malls.
