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Naqvi announces plans for high-rises, Manhattan-style city and safari park in Islamabad

Interior Minister Mohsin Naqvi on Friday announced plans to auction large plots in Islamabad for high-rise hotels, shopping malls and residential complexes without charging investors upfront, with the government seeking a share of the projects’ inventory instead of payment for the land. Speaking at the Saudi-Pak Real Estate Expo in Lahore, Naqvi said the auction would start at 15% of the project’s inventory, with investors free to offer a higher share. The plots would be available in sizes of one, three and six acres, with buildings required to have a minimum height of 600 feet. “The interesting thing is that it will be free of cost. We will not be asking for any money. We will go for inventory, and we will start the auction at 15% of the inventory. Then it will depend on the investor how much they offer us,” he said. Naqvi said the government would impose two main conditions on investors: projects would have to be completed within two years of approval, and buildings would have to meet the minimum height requirement. “We have only two demands: to complete the project within two years from the day of approval,” he said, adding that the approval process would be handled through a one-window operation at the Ministry of Interior. “We can do it within three to four weeks, so the investor does not need to go to any other office,” he stated. The minister said the government was also prioritising the security of Pakistani and foreign investors. To address potential concerns and prevent hurdles during project development, it would establish a five-member auction committee comprising representatives of the National Accountability Bureau (NAB), the Special Investment Facilitation Council (SIFC), the Federal Investigation Agency (FIA) and the Capital Development Authority (CDA), along with a judge to head the committee, he added. Naqvi said it had yet to be decided whether the judge would be serving or retired. “All the stakeholders and those who could create hurdles for investors in the future will be part of the committee,” he added. Manhattan-style city in Islamabad Naqvi also announced plans for a Manhattan-style city on 1,000 acres of land behind the Prime Minister’s House in Islamabad, featuring residential and commercial complexes surrounding a central park and a lake. “We are launching a Manhattan-style city in Islamabad, which will have a completely different set of laws, rules and standard operating procedures (SOPs),” he said. “It will be just like Manhattan, with a Central Park in the middle and a lake, surrounded by residential and commercial complexes,” he added. Asia's largest safari park planned The interior minister also announced plans for "Asia’s largest safari park, spanning 450 acres in Islamabad," saying the project would tap the country’s potential for entertainment and recreational facilities. Citing an example from Punjab, Naqvi said an existing safari park that had been in poor condition was improved within six months through reconstruction and the introduction of additional animals. He added that the park’s annual auction value had increased from Rs20 million to Rs680 million within a year of the improvements, despite the facility having only half the number of animals initially planned. “This is the potential we have for entertainment in Pakistan. Our people are eager for entertainment, but we lack facilities, whether in the form of safari parks or other attractions,” he said. Naqvi further said Islamabad offered significant opportunities for residential and entertainment projects, adding that the government had also taken steps to address concerns over high property prices. He expressed confidence that the planned developments would attract investors from Saudi Arabia, reiterating that the government would simplify the process through a one-window operation at the Ministry of Interior. “I can assure you of one thing: it will be a one-window operation. You will not need to visit any other government office. Everything will be handled by the Ministry of Interior,” he said. “We look forward to welcoming all of you to Islamabad, and I can assure you that these projects will change Pakistan,” he added.

from Pakistan News, Latest News Pakistan, Pakistan Headline | The Express Tribune https://ift.tt/WKnG7L5
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