Project is the largest residential initiative in Karachi and will accommodate over 20,000 families on its completion. PHOTO: FILE
The sponsor of Naya Nazimabad project has clarified that the National Accountability Bureau (NAB) has not issued any notices claiming that the housing scheme is being developed on mining land.
A press statement released on Thursday stated that Naya Nazimabad is a project of Javedan Corporation, formerly Javedan Cement, which addresses the city’s housing backlog by providing a quality residential lifestyle to the middle class. The project is the largest residential initiative in Karachi and will accommodate over 20,000 families on its completion.
The statement said that development work is under progress at the site with more than 400 direct and indirect workers engaged in the project. A 12-km long boundary wall, which secures the premises, is near completion along with a 5km long dedicated sewerage line. Ongoing development work includes the construction of a “4000 road” while a flyover on “2000 road” is in the planning stage.
The statement said that contrary to allegations by the Jang Group, shareholding of sponsors remains intact. It is important to note that the sponsors have an excellent track record of delivering major projects worth over Rs150 billion on time and as per the promise in several strategic sectors of the economy.
The statement said that JCL is a public listed company which was acquired by the present sponsors under the privatization process of the Pakistan government. The privatization offer contained 1,200 acres of freehold and 99 year leasehold land along with 3,159 acres of mining lease land in addition to a 1960s obsolete cement plant having an assumed capacity of 2,000 tons per day. The transaction was concluded with the highest bidder after a competitive process.
Published in The Express Tribune, May 9th, 2014.
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