LAHORE  -  Punjab Chief Minister (CM) Maryam Nawaz Sharif has granted approval for the long-awaited IT City project in Lahore, signalling a new era of prog­ress and development for the prov­ince of Punjab. The responsibility for the implementation of this ambi­tious initiative has been entrusted to the Punjab Central Business District Development Authourity (PCBDDA), also known as Central Business Dis­trict Punjab (CBD Punjab).

In a recent high-profile meeting, presided over by the visionary CM Punjab, saw the comprehensive pre­sentation of the IT City project pre­sented by CEO CBD Punjab, Imran Amin. The meeting was attended by Provincial Ministers Maryium Au­rangzeb and Azma Bukhari, Punjab Chief Secretary (CS) Zahid Akhtar Zaman, COO CBD Punjab Brig (retd) Mansoor Janjua, Secretary Housing Sajid Zafar Daal, Lahore Commis­sioner Muhammad Ali Randhawa, and other senior government offi­cials, all demonstrating their com­mitment to this transformative endeavour under the inspiring lead­ership of CM Maryam Nawaz Sharif.

Spanning an impressive 853 acres (6,824 kanals) near PKLI in Lahore, the project will be officially named Nawaz Sharif IT City. To kickstart this monumental venture, the Punjab gov­ernment, under the astute guidance of CM Maryam Nawaz Sharif, has allo­cated a substantial 10 billion rupees as seed money, underscoring her un­wavering dedication to fostering IT and growth in the region. The proj­ect will be structured into four key segments, addressing diverse needs and opportunities: IT and Tech Dis­trict, Education City, Film City, Com­mercial and Residential. The initial phase will witness the construction of the Celestia twin-tower IT build­ing, projected to be completed within 12 months. The entire infrastructure of the project is anticipated to be fi­nalized within three years, overcom­ing significant obstacles such as land transfer and survey issues, thanks to the diligent efforts of the Punjab gov­ernment under the dynamic leader­ship of CM Maryam Nawaz Sharif. To ensure meticulous planning, Nespak, alongwith an international consul­tant, will be engaged for the master planning process. March 2024 marks a pivotal moment, as the land will be officially transferred to CBD Punjab from Knowledge Park Company, pav­ing the way for IT tower construction starting in April 2024, a testament to Chief Minister Maryam Nawaz Shar­if’s visionary leadership.

Anticipated 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, reflecting Chief Minister Maryam Nawaz Shar­if’s commitment to driving economic prosperity. In a strategic move, the Government of Punjab has declared the project tax-free for 10 years, fur­ther incentivising participation and investment. CBD Punjab is set to con­duct a series of roadshows to raise awareness and attract investments to fuel the success of the Nawaz Sharif IT City, a testament to the progress and prosperity of Punjab and its people.