In a strategic move that signals a new dawn for technology in Pakistan, the Chief Minister of Punjab, Maryam Nawaz Sharif, has officially greenlit the Nawaz Sharif IT City project in Lahore. This ambitious venture, which had been on hold for over a decade, is now set to become a reality under the stewardship of CBD Punjab.
Spread over 853 acres near PKLI in Lahore, the project is backed by a robust 10 billion rupees seed fund from the Punjab government. The master plan is divided into four main areas: a 200-acre IT & Tech District, a 150-acre Education City, a 100-acre Film City, and an 84-acre Commercial & Residential zone. The first phase of development will see the construction of Celestia, a twin-tower IT building, with an ambitious completion target of just 12 months. The entire infrastructure is expected to be up and running within three years, overcoming challenges such as land transfer and survey issues, now resolved by the Punjab Government.
To ensure precision in planning, Nespak and an international consultant will be brought on board for the master planning process. By March 2024, the land transfer to CBD Punjab is expected to be completed, setting the stage for the construction of the IT tower in April 2024.
This project is not just a monumental construction feat; it’s a catalyst for economic growth, expected to create around one million jobs. The revenue model is diverse, including self-generation, joint ventures, and REITs, with an estimated budget of 100 Billion PKR.
Special economic zones within the IT City promise an environment ripe for technological innovation. The Government of Punjab has made the project even more attractive to investors by declaring it tax-free for ten years. With a series of roadshows planned, CBD Punjab is actively working to raise awareness and attract investment for the project. Positioned as a hub for leading IT companies like Microsoft and Oracle, as well as top international educational institutions, Nawaz Sharif IT City is set to offer world-class architecture and amenities.
Ali Waqar Shah
Director Business development
and Investment relation CBD Punjab
