Development work on the ‘new blue zone’ – a new shopping district and skyline created in the city by the ruling Pakistan Tehreek-e-Insaf (PTI) – could start as early as next week after investors, who had successfully bid for plots, paid the first installment in advance.
Capital Development Authority (CDA) officials said on Sunday that the government has set a 30-day deadline for investors to pay about a quarter of the value of plots from the time their bids are officially ratified by the authority. . This would qualify them to move on to the approval stage of management plans.
They added that of the 7 billion rupees in collections targeted by the CDA following the auction, they had reached the target before the appointed time.
The recoveries, they said, were aided by the fact that at least two investors chose to pay the full value of their plots together.
The government had encouraged the initial payment for the plots by offering these investors a 10 percent discount on the overall cost of the plot.
Officials added that development work to provide essential services to this area could start as early as next week, adding that the power supply for the local network station is already ready while work is underway for the construction of the area. ” at least one pedestrian crossing connecting the area.
A senior CDA official said his plan for the new blue zone was to build a new shopping center of international standards in the federal capital.
According to Prime Minister Imran Khan’s vision, the official told the Express Tribune that by incorporating international construction and development standards, the new blue zone will improve the city’s commercial and landscape profile.
He added that CDA was working on an integrated strategy to build the new blue zone as soon as possible.
As of July, CDA had established 24 plots in the New Blue Area, a strip of land sandwiched between Jinnah Avenue and Ibn-e-Sina Road overlooking Sector F-9 Park. Of this total, the authority received offers for 15 plots worth 22 billion rupees. However, CDA only considered bids for 12 plots valued at Rs 17.04 billion.
In addition, the authority announced a series of incentives for investors. This included a dedicated team to help investors every step of the way, allowing payment of the first 25 percent installment within 30 days of accepting the offer. Additionally, the building plan can be approved after the first payment is made, while investors can get a 10% discount on the cost of their plot if they pay full payment up front.
Plus, those who get their development plans approved by a set date would be eligible for the Prime Minister’s coveted building program.
Likewise, a pro-rated income tax advance and 100% coverage for plots less than 1,000 square meters and 70-75% coverage for larger plots.
The money, officials had said, would be spent to improve the city for which initial planning and work, such as repairing roads, building and rehabilitating sidewalks, streetlights and sewers, has already started.
Posted in The Express Tribune on September 14, 2020.
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