Interior Minister Mohsin Naqvi announced plans to auction large plots in Islamabad for residential complexes, shopping malls, and high-rise hotels. Investors will not be charged upfront for the land, as the government intends to receive a share of the project's inventory instead.
The auction will begin at 15% of the project's inventory, with the final amount depending on the investor's offer. Available plots will range in size from 1 acre to 6 acres, and buildings must reach a minimum height of 600 feet.
Projects must be finished within two years of receiving approval. A one-window operation at the Ministry of Interior will manage the approval process, which can be completed in three to four weeks.
A judge will head a five-member auction committee including representatives from the National Accountability Bureau, the Special Investment Facilitation Council, the Federal Investigation Agency, and the Capital Development Authority. The government plans to develop a Manhattan-style city on 1,000 acres behind the Prime Minister’s House in Islamabad, featuring a lake and a Central Park.
Plans also include building Asia’s largest safari park on 450 acres in Islamabad. An existing safari park in Punjab saw its annual auction value rise from Rs20 million to Rs680 million within one year of improvements.
"We are launching a Manhattan-style city in Islamabad, which will have a completely different set of laws, rules and standard operating procedures (SOPs)," Mohsin Naqvi said. "I can assure you of one thing: it will be a one-window operation. You will not need to visit any other government office. Everything will be handled by the Ministry of Interior," Naqvi said.
