Rs10b seed money allocated for IT city

The Punjab Central Business District Development Authority (PCBDDA), also known as Central Business District Punjab (CBD Punjab), has been tasked with overseeing the implementation of the ambitious IT City project in Lahore, which has been given the green light by Chief Minister Maryam Nawaz Sharif.

A recent meeting chaired by the CM witnessed a comprehensive presentation of the project by CBD Punjab CEO Imran Amin. Spanning 853 acres near the PKLI, the project will be named Nawaz Sharif IT City.

To initiate the venture, the Punjab government has allocated Rs10 billion as seed money.

The project will comprise an IT & Tech District, Education City, Film City and commercial and residential segments. The first phase will see the construction of the Celestia twin-tower IT building, slated for completion within 12 months. The entire infrastructure of the project is expected to be finalised within three years after overcoming land transfer and survey issues.

To ensure meticulous planning, Nespak, along with an international consultant, will be engaged for the master planning process. The land officially transfers to the CBD Punjab this month from Knowledge Park Company, paving the way for the IT tower construction from April.

Expected to generate nearly one million jobs, the project boasts diverse revenue models, including self-generation, joint ventures, and Real Estate Investment Trusts (REIT). With an estimated cost of Rs100 billion, special economic zones will be a key feature, attracting both local and international investment.

The Punjab government has declared the project tax-free for 10 years, further incentivising participation and investment. According to a statement, the CBD Punjab is set to conduct a series of roadshows to raise awareness and attract investments to fuel the success of the IT city.