LAHORE: Chief Minister Punjab, Maryam Nawaz Sharif, has granted approval to the long-awaited IT City project in Lahore, signalling a new era of progress and development for the province of Punjab.
Spanning an impressive 853 Acres (6824 Kanals) near PKLI in Lahore, the project will be officially named Nawaz Sharif IT City. To kick-start this monumental venture, the Punjab government has allocated a substantial 10 billion rupees as seed money, underscoring her unwavering dedication to fostering IT and growth in the region.
The responsibility for the implementation of this ambitious initiative has been entrusted to the Punjab Central Business District Development Authority (PCBDDA), also known as Central Business District Punjab (CBD Punjab).
In a recent high-profile meeting, presided over by the CM Punjab, saw the comprehensive presentation of the IT City project presented by CEO CBD Punjab, Imran Amin.
The meeting was attended by Provincial Ministers Maryium Aurangzeb and Azma Bukhari, Chief Secretary Punjab Zahid Akhtar Zaman and other senior government officials.
The project will be structured into four key segments, addressing diverse needs and opportunities: IT & Tech District, Education City, Film City, Commercial and Residential. The initial phase will witness the construction of the Celestia twin-tower IT building, projected to be completed within 12 months. The entire infrastructure of the project is anticipated to be finalized within three years, overcoming significant obstacles such as land transfer and survey issues.
To ensure meticulous planning, Nespak, along with an international consultant, will be engaged for the master planning process. March 2024 marks a pivotal moment, as the land will be officially transferred to CBD Punjab from Knowledge Park Company, paving the way for IT tower construction starting in April 2024, said a spokesman of the CBD here on Thursday.
Anticipated to generate nearly one million jobs, the project boasts diverse revenue models, including self-generation, joint ventures, and Real Estate Investment Trusts (REIT). With an estimated cost of 100 billion PKR, special economic zones will be a key feature, attracting both local and international investment, reflecting Chief Minister Maryam Nawaz Sharif’s commitment to driving economic prosperity, the spokesman said.
In a strategic move, the Government of Punjab has declared the project tax-free for 10 years, further incentivizing participation and investment.
CBD Punjab is set to conduct a series of road-shows to raise awareness and attract investments to fuel the success of the Nawaz Sharif IT City, a testament to the progress and prosperity of Punjab and its people, the spokesman concluded.
Copyright Business Recorder, 2024