Key Takeaways
- Interior Minister Mohsin Naqvi announced plans to auction land plots in Islamabad.
- The project includes a Manhattan-style city and a 450-acre safari park.
- Investors will pay for land through a share of their projects’ inventory.
Interior Minister Mohsin Naqvi has announced plans to auction large plots in Islamabad for high-rise hotels, shopping malls, and residential complexes. Speaking at the Saudi-Pak Real Estate Expo in Lahore, Naqvi detailed the new initiative, which aims to attract foreign investment and expand the city’s residential and recreational facilities.
The auction will start at 15% of a project’s inventory, with investors allowed to offer a higher share. Plots will measure one, three, or six acres, and buildings must reach a minimum height of 600 feet. Investors are required to complete their projects within two years of approval.
To ensure a smooth process, the Ministry of Interior will handle approvals through a one-window operation, expected to take three to four weeks. A five-member auction committee will be established, comprising representatives from the National Accountability Bureau, Special Investment Facilitation Council, Federal Investigation Agency, Capital Development Authority, and a judge. The government has yet to decide whether the judge will be serving or retired.
Naqvi also announced plans to develop a Manhattan-style city on 1,000 acres behind the Prime Minister’s House. This project will feature residential and commercial complexes around a central park and lake, operating under a separate set of laws, rules, and standard operating procedures.
Additionally, the government plans to build a 450-acre safari park in Islamabad, which Naqvi described as potentially Asia’s largest. The project aims to attract foreign investment, particularly from Saudi Arabia, while expanding the city’s residential and recreational facilities.
The initiative is part of a broader strategy to modernize Islamabad and enhance its appeal to both domestic and international investors. Naqvi emphasized the need to address investors’ concerns and ensure transparency in the process.
The government’s plans include a comprehensive approach to land acquisition and development, with a focus on creating a conducive environment for investors. The auction process will be designed to be fair and transparent, with clear guidelines and timelines.
Investors are encouraged to participate in the auction, which is expected to kick off soon. The government hopes that these initiatives will not only boost the real estate market but also contribute to the overall economic growth of Islamabad.
