PM approves plan to establish ‘New Blue Area’ commercial city in Islamabad

2020-02-26 Islamabad :Prime Minister Imran Khan on Monday approved a plan to develop a commercial city named ‘New Blue Area’ within the limits of federal capital Islamabad. The government has allocated a 170 canal land in front of F-9 Park in the capital city for the project. The commercial city project will be developed on international standards and the government would be able to generate initial revenue of up to Rs 30 billion from it. Some of the revenue generated from the project would be utilized for the Naya Pakistan Housing project aimed at building low cost housing units for poor and low income groups. The commercial city project would not only expedite economic activities in the federal capital but would also help generate employment and promote construction sector. Basic facilities provided to the residents of Islamabad would also witness an improvement under the project. The project would also saw doubling of the commercial space within the city.

as Published in Dawn, December 26th, 2019

The Naya Pakistan Housing and Development Authority (NAPHDA) is looking to develop a part of Blue Area on a public-public partnership model with the Capital Development Authority (CDA).

Blue Area is acquired commercial area belonging to the CDA, where the NAPHDA now wants to begin a joint venture.

Land in this area is a major source of revenue for the CDA, which has generated billions of rupees by auctioning commercial plots. The authority depends on its land bank to generate funds to meet its development and non-development expenses.

In a letter available with Dawn dated Dec 17, the NAPHDA asked the Cabinet Division to seek input from the Ministry of Law and Justice on its proposal to begin a public-public partnership.

Cabinet Division asked to seek law ministry’s input on proposal for public-public partnership

It added: “The Naya Pakistan Housing and Development Authority (Naphda) and Capital Development Authority (CDA) have planned a joint venture on public-public partnership model. Wherein Naphda and CDA would jointly develop the subject area and float the same in the open market.”

CDA spokesperson Syed Safdar Ali said the authority has not received a formal request from NAPHDA to begin a joint venture. He said any proposal received in this regard will be dealt with in accordance with the law.

Another CDA official said the authority recently shared details of land in Blue Area with the Cabinet Division.

A Nov 15 letter from the CDA which is available with Dawn said that the CDA has 172 kanals of partially planned land in Blue Area G-8, 345 kanals of partially planned land in F-9 and G-9, 345 kanals of unplanned land in F-9 opposite F-10 Markaz, 732 kanals of unplanned land in E-10 and F-10, 366 kanals of unplanned land in F-11, 732 kanals of unplanned land in E-12 and F-12, 732 kanals of unplanned land in E-13 and F-13 and 366 kanals of unplanned land in F-14 that has been acquired by the Federal Government Employees Housing Foundation but is to be transferred to the CDA for planning, development and disposal.

The CDA wrote the letter in response to an Oct 30 letter from the Cabinet Division which had said that the NAPHDA was established under the NAPHDA Ordinance 2019 to plan, develop, construct and manage real estate development schemes and projects including housing and purposes afforded in the ordinance.

“As requested by the acting chairman NAPHDA Ministry of Interior is requested to get the information from CDA regarding identification of the encumbrance free lands in commercial and residential areas in Islamabad for constitution of Federal Land Bank by [NAPHDA],” the letter said.

The CDA submitted the aforementioned details of Blue Area with the Cabinet Division in response.

The Cabinet Division letter said that the federal government, provincial governments, local governments and other public departments, agencies and all corporations and entities thereunder shall cooperate with the NAPHDA to collect information regarding immovable property owned or possessed by them for the purposes of the Federal Land Bank.

A CDA officer on Wednesday confirmed that the authority shared details of land in Blue Area with the Cabinet Division.

“As far as starting joint ventures is concerned, when we receive a formal letter we will decide the matter,” he said, adding that the NAPHDA letter is being reviewed by the law ministry.

 

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Started Real estate business as Mariner Property Services in Islamabad after retirement as Merchant Ship Captain 2004. Real estate always fascinated me as myself was investor in Real estate and I am still an investor. I found out that serious investors need a serious, sincere and honest adviser. I do very selected deals free of any doubt

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