- Islamabad Blue Area project to attract investment: Imran Khan
ISLAMABAD, March 1: Government has finalized plans for new commercial city in Islamabad. The condition of paying full advance tax has been abolished on the direction of PM Imran Khan.
According to details, Prime Minister Imran Khan visited the site of new commercial city New Blue Area without protocol and reviewed the arrangements.
During briefing on auction procedure, PM was informed that a 170 canal land in front of F-9 Park is allocated in the capital city for the project and project will be developed on international standards. PM was also told that overseas Pakistanis will be given special invitation to invest in the project and road shows will be held in major cities including London, Dubai, Manchester, Chicago and Glasgow. Capital Development Authority will hold auction in the first week of April.
According to sources, the condition of paying full advance tax has been abolished on the direction of PM Imran Khan. Successful bidders will have 30 days to pay the amount and overseas Pakistanis will also be granted adequate time to pay the amount.
Government would be able to generate initial revenue of upto Rs30 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. -NNI
