Economic Zones along Ring Road approved - Zarkon Group News Blog - FAH33M
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Economic Zones along Ring Road approved

Rawalpindi Development Authority (RDA) on Wednesday approved setting up of economic zones along Ring Road which will be controlled by the civic body’s zoning regulations.

This was decided at the 49th governing body meeting of the RDA which was presided over by its chairman Tariq Mehmood Murtaza.

Though the Punjab government has yet to start the process to procure land for the proposed Ring Road Project, the RDA governing body declared the area along the Ring Road as city limits.

Under the plan, Punjab government will execute the project through Lahore Ring Road Authority instead of Rawalpindi Development Authority. It has already notified Rawalpindi’s commissioner as project director.

Zones will be controlled by the civic body’s regulations

A formal notification for setting up of the economic zones will be issued by the Punjab government.

Future construction activities within these zones would be controlled in accordance with the principles of town planning and zoning regulations, the governing body said.

The governing body also approved RDA City, a 3,000-kanal residential project.

The project will be LDA-style and for this purpose governing body has made a five-member technical committee under the supervision of MPA Latasub Satti.

The committee will compile its report on the acquisition of land for RDA City project and other matters within fifteen days.

A short-term consultancy was also approved for this housing project to prepare a feasibility report aimed at identifying location suitable for the construction of RDA City.

The RDA director general presented each agenda before the governing body. Agenda items in detail were approved after questions and answers from various members.

Feasibility study for construction of metropolis zone along with New Islamabad Airport was also approved.

Besides this, hiring of a survey company was also approved which would determine encroachments along Leh Expressway.

Approval was also given to construct buildings on RDA approved commercial roads in accordance with the new building bye-laws so that the construction industry could flourish.

If you enjoyed this story, check out Punjab Govt approves Rawalpindi Ring Road Project

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The post Economic Zones along Ring Road approved appeared first on Dawn News September 17th, 2020
Lower interest rates, government incentives pour investment in construction sector - Zarkon Group News Blog FAH33M
CategoriesConstruction National News News

Lower Interest Rates, government incentives pour investment in construction sector

Lower Interest Rates

LAHORE: The federal government’s decision to incentivise the construction sector has opened avenues for investments in many sectors. Pakistan Tehreek-e-Insaf (PTI) government adopted a number of measures to facilitate the sector in a bid to encourage private investment.

The government not only toned down its taxation ratio for land transfers but the measures taken to prevent several different departments’ interference and inquiries into sources of income from the investors also boosted investment in the construction sector, The Express Tribune reported on Saturday.

Since the last one month, land prices in major cities have been increasing, especially in areas where construction is allowed. Moreover, lower interest rates have also led many Pakistanis to transfer their funds from banks or savings accounts towards real estate.

According to reports, land prices of Lahore Defence Housing Authority (DHA) have increased by 30 percent in one month along with rental rates of housing properties.

Following the PTI government’s early days in office, the real estate market was in turmoil as investigations into the source of income created panic among investors and badly impacted the sector. The circulation of money stopped, and a trickle down effect was visible in nearly all other sectors of the economy as money circulation, both black and white, is much larger than any other segment of the economy.

Overseas investors now have a legal cover as well if they wish to put their money in real estate or construction sector. The State Bank of Pakistan (SBP) has also given its directions in favor of overseas investors in this sector.