The project will be called Nawaz Sharif IT City and will cover an amazing 853 Acres (6824 Kanals) near PKLI in Lahore. The Punjab government has given a huge 10 billion rupees as initial funding to get this huge project off the ground. This shows how committed she is to promoting IT and growth in the area.
The long-awaited IT City project in Lahore has been approved by Chief Minister Punjab Maryam Nawaz Sharif. This is the start of a new era of development and growth for the province of Punjab.
The Punjab Central Business District Development Authority (PCBDDA), which is also known as Central Business District Punjab (CBD Punjab), is in charge of carrying out this big plan.
Imran Amin, CEO of CBD Punjab, gave a full talk on the IT City project at a recent high-profile conference that was led by the CM of Punjab.
Azma Bukhari, Chief Secretary Punjab, Provincial Ministers Maryium Aurangzeb and Zahid Akhtar Zaman, and other top government officials were at the meeting.
The project will be split into four main parts that will each meet a different set of wants and opportunities. These are the IT & Technology District, Educational City, Film City, and Commercial and Residential. In the first part, the Celestia twin-tower IT building will be built. The building is expected to be finished in 12 months. The project’s facilities should be finished within three years, even though there have been big problems like land transfer and surveying.
Nespak and a foreign consultant will be hired for the master planning process to make sure that everything is planned out carefully. A spokesman for the CBD here on Thursday said that March 2024 will be a turning point because the land will be officially transferred to CBD Punjab from Knowledge Park Company. This will make it possible for the building of the IT tower to begin in April 2024.
The project has a lot of different ways to make money, such as self-generation, joint partnerships, and Real Estate Investment Trusts (REIT). It is expected to create almost a million jobs. Special economic zones, which are expected to cost 100 billion PKR, will be a big part of the project. They will bring in investment from both inside and outside of Pakistan, showing that Chief Minister Maryam Nawaz Sharif is serious about making the economy grow, a spokeswoman said.
As a smart move, the Government of Punjab has made the project tax-free for 10 years. This will encourage more people to join and contribute.
The spokesman concluded that CBD Punjab would be holding some road shows to spread the word about the Nawaz Sharif IT City and bring in investments that will help it succeed. This would show how far Punjab and its people have come in terms of progress and wealth.
