In order to increase commercial development and attract investors to the capital city, the Capital Development Authority (CDA) has unveiled a series of groundbreaking policies aimed at stimulating construction and investment in Islamabad.
Approved by the CDA board, these new policies represent a significant shift in the city’s urban development strategy, focusing on increasing flexibility and financial incentives for developers.
One of the key highlights of the new policy is the introduction of revised floor area ratio (FAR) values, which allow for denser construction on larger plots. This adjustment provides developers with more leeway to embark on ambitious projects, fostering the creation of larger and more complex developments within the city limits.
Furthermore, the extension of payment plans from one to two years is poised to ease financial burdens on investors, making it more feasible to undertake long-term construction projects. Under these terms, investors can secure possession and commence construction after paying just 50% of the cost, with full building plan approval granted upon reaching the 25% payment milestone.
In a move to incentivize swift investment, the CDA is offering substantial rebates for instant payments and transactions made in US dollars. These financial perks not only encourage prompt investment but also underscore the authority’s commitment to attracting foreign investment to Islamabad’s burgeoning commercial landscape.
Moreover, the policy overhaul includes provisions for more flexible parking solutions, including underground parking rights on roadways. This move addresses a longstanding concern among developers and urban planners, providing greater flexibility in addressing parking needs while maximizing land utilization.
The overarching goal of these initiatives is to position Islamabad as a prime destination for commercial development, enticing both local and international developers to invest in the city’s future. By creating a more conducive environment for investment and construction, the CDA aims to spur economic growth and job creation while enhancing the city’s urban landscape.
In tandem with these policy reforms, the CDA is pushing forward with the completion of vital infrastructure projects, such as Iran Avenue, further bolstering the city’s connectivity and accessibility. This strategic investment in infrastructure not only improves the quality of life for residents but also enhances the attractiveness of Islamabad as a premier destination for business and investment.
