Islamabad: Prime Minister (PM) Imran Khan approved the development plan for a commercial city named ‘New Blue Area’ in the federal capital, according to news sources.
The government has reportedly allocated 170 kanals of land in front of Sector F-9 park for this purpose.
The commercial city is expected to be developed according to international construction standards, with the project estimated to generate a revenue of almost PKR 30 billion for the government.
It has been decided that a portion of this revenue will be used for the PM’s low-cost housing initiative, the ‘Naya Pakistan Housing Programme (NPHP)’.
Moreover, the Capital Development Authority (acting on the federal government’s directives) is also planning on auctioning off 24 plots in Blue Area by offering potential bidders an incentive package. The PM is expected to make the formal announcement regarding this decision soon.
The income generated from this auction is also likely to be utilised for NPHP, as the venture is being initiated in coordination with the Naya Pakistan Housing Development Authority.