ISLAMABAD: Interior Minister Mohsin Naqvi has announced plans to auction large plots in Islamabad for high-rise hotels, shopping malls and residential complexes, with the government taking a share of each project’s inventory instead of payment for the land. He announced this at the Saudi-Pak Real Estate Expo in Lahore on Friday.
Bidding will open at 15 percent of a project’s inventory, and investors may offer a higher share. Plots will be available in sizes of one, three and six acres. Buildings must stand at least 600 feet tall and be completed within two years of approval. Naqvi described these as the only two conditions. Approvals will go through a single window at the Ministry of Interior, which he said can process them within three to four weeks.
A five-member committee will oversee the auction, with representatives of the National Accountability Bureau, the Special Investment Facilitation Council, the Federal Investigation Agency and the Capital Development Authority. A judge will head the committee, though it has not been decided whether the judge will be serving or retired.
Naqvi also announced a Manhattan-style city on 1,000 acres behind the Prime Minister’s House. It will have residential and commercial complexes around a central park and a lake, and will operate under a separate set of laws and standard operating procedures.
He also announced a 450-acre safari park, which he described as Asia’s largest. He pointed to the Punjab safari park, whose annual auction value reportedly rose from Rs20 million to Rs680 million within a year of its reconstruction.
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