Islamabad (TDI): The Special Investment Facilitation Council (SIFC) is working on a plan to replace single-story government houses with high-rise buildings with an aim to generate billions of rupees in revenue.
The government owns several single-story houses occupying large areas in sectors F-6, G-6, and G-7. Many of the houses are currently allocated to federal employees while others are empty.
A recent report, published by Dawn, indicated that the government-owned houses in G-6/1 alone covered 86 acres. On the other hand, the vertical structures can reduce the space to only nine acres, freeing up 77 acres of land worth over Rs52 billion.
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The proposal comes in the light of a research report titled “Dead Capital” by the Pakistan Institute of Development Economies (PIDE).
The article caught the attention of the investment council, which then sent a letter to the Capital Development Authority (CDA) for a feasibility report in this regard.
“Efficient land management is essential to meet urban demands and boost city development,” the letter stated, noting that high-rise buildings will not only free up space but also generate substantial revenue.
The proposal comes in the light of a research report titled “Dead Capital” by the Pakistan Institute of Development Economies (PIDE).
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The article caught the attention of the investment council, which then sent a letter to the Capital Development Authority (CDA) for a feasibility report in this regard.
“Efficient land management is essential to meet urban demands and boost city development,” the letter stated, noting that high-rise buildings will not only free up space but also generate substantial revenue.
The PIDE report maintained that the government can manage the current housing demand by converting single-story houses in G-6/1 into six high-rises while freeing up valuable land.
“Countries like the UK and India have successfully adopted vertical housing strategies, and Pakistan could benefit similarly by creating a centralized database of state-held land and involving asset management experts,” the report added.
As per reports, the SIFC’s plan is in the initial stages as the council awaits input from the CDA.
