Interior Minister Mohsin Naqvi revealed a plan to auction large parcels of land in Islamabad for residential complexes, shopping malls, and high-rise hotels. Instead of paying upfront, investors will provide a share of their project inventory.
During a speech at the Saudi-Pak Real Estate Expo in Lahore on Friday, Naqvi stated that bidding will begin at 15% of the project inventory, though participants may offer a higher percentage. The available plots will span one, three, or six acres, and the structures must hit a minimum height of 600 feet.
According to Naqvi, developers must finish construction within two years after receiving approval. The Ministry of Interior will process these approvals via a single-window system, taking an estimated three to four weeks.
The administration intends to form a five-member auction committee to ease investor worries. This panel will include members from the Federal Investigation Agency, Special Investment Facilitation Council, National Accountability Bureau, Capital Development Authority, and a judge.
Authorities have not yet determined if the participating judge will be active or retired. Naqvi additionally revealed a proposal to construct a Manhattan-style city spanning 1,000 acres located behind the Prime Minister's House, complete with commercial and residential buildings surrounding a lake and central park.
This initiative will function under unique rules, laws, and standard operating procedures. The administration also intends to construct a 450-acre safari park in Islamabad, which Naqvi stated could become the largest in Asia.
He noted that these planned projects are designed to draw foreign investment, specifically from Saudi Arabia, and grow the housing and leisure amenities in Islamabad.
