Nawaz Sharif IT City is the most remarkable initiative by the Government of Punjab. Nawaz Sharif IT City (NSIT) is Pakistan’s first-ever IT-based project spanning extensively over an area of 6824 Kanals. The development came after the MoU was signed between the Central Business District Development Authority and 15 major IT and Education companies.
The project aims to establish various ‘cities’, including the Education City, Film City, Residential, Commercial, and others. The prime location of the project is near the DHA Phase 7 Lahore and PKLI Research Center. Moreover, the most surprising feature is that the project shall remain as Tax-Free for the upcoming 10 years. So surely this project, if developed and executed as promised, has immense potential to lead the IT revolution of the century and bring remarkable ROI.
Nawaz Sharif IT City Location
Nawaz Sharif IT City location has been chosen to be very prime. It is important to note that it was formerly known as Lahore Knowledge Park. The project is adjacent to DHA Phase 6 and DHA Phase 7 Lahore. It can also be located near the Pakistan Kidney and Liver Institute and Research Center. Several landmarks from the metropolitan are also located near it, some of them are given as under:
- Lahore Smart City (15 minutes away)
- Lahore International Airport (21 minutes away)
- Train Station (33 minutes away)
- Bus station (1 minute away)
- Defence Raya
Nawaz Sharif IT City Payment Plan
Nawaz Sharif IT City Lahore payment plan offers market-competitive prices. NSIT offers 20 prime plots and plot rates are as 12 Crore Per Kanal. The downpayment is just as low as 20% of the total amount and the remaining amount can be paid via easy and flexible monthly installments spanning over 7 Years. The project also offers direct construction of the plots right after the downpayment.
Tax-Free for 10 Years
Moreover, the most remarkable feature is that the project and all of its developments are designated to remain Tax-Free for the next 10 Years. This means that investing here shall surely yield returns as well as exemptions from taxes.
Nawaz Sharif IT City Lahore Master Plan
Nawaz Sharif’s IT City Lahore master plan has been designed at an extensive level. It depicts a very thoughtfully curated master planning, innovation, sustainability, and community living. The entire project covers an area of 6824 Kanals. The project has been master planned to have 4 key segments that can address the diverse needs. These include:
- IT & Tech District
- Education City
- Film City
- Commercial, and Residential
The project has brought interest from various sectors of the country. Tech giants like Google and Microsoft have already shown their interest in the IT City. Additionally, the NSIT Project offers exemptions on taxes, customs duties, and import duties for the divided income & long-term capital gains.
Nawaz Sharif IT City Lahore Zoning
- IT & Tech District
- Learning District
- Film District
- Residential
- Commercial
- Parks
- Services
- Roads
Nawaz Sharif IT City Lahore Project Developers
It is a fully government-backed project being developed by the Punjab Central Business District Development Authority. The CBD is Punjab’s most premium development authority that has acquired this land from the Knowledge Park Lahore.
After that, a MoU was signed between CBD and 15 IT and Education companies for the development of the city. The most remarkable development is that the launch ceremony was attended by ambassadors from China, the US, and Turkey, who also showed interest in investing in the project.
List of Projects in Nawaz Sharif IT City Lahore
Here is the list of projects or the districts that are master planned as per the Nawaz Sharif IT City Lahore plan:
IT & Tech District
The IT & Tech District in the Nawaz Sharif IT City Lahore is the major component of the project. It spans over an area of 150 acres. As per the project plan, the IT & Tech district shall feature the top IT companies contributing to the innovation and sustainability of the project.
Silicon Block
It is a part of the IT & Tech district. The Silicon Block has been planned to offer cutting-edge technology and advancements in the field of Information Technology.
Learning District
Also known as the Education District, it is also an important component of the NSIT master plan. This district comprises multiple educational institutions, university campuses, research centers, medical labs, and much more. The total area of the Education District spans over 200 acres.
Film District
The film district has been planned over an area of 100 acres, aimed to promote and support the local film industry of Pakistan. It shall feature the top production firms that shall collaborate to transform the cinematic landscape of the country.
Residential
The residential district of the NSIT shall be offering residential projects or schemes. It spans over an area of 60 acres. It is particularly aimed to fulfill the residential needs of the province by offering modern and affordable developments.
Commercial
The commercial district of the project covers an area of 60 acres. It shall comprise multiple cutting-edge commercial projects. The aim of this is to develop a sense of community living and offer all the amenities to the residents within their access.
Nawaz Sharif IT City Top Features
Nawaz Sharif IT City Lahore is one-of-a-kind. It offers features and amenities that have probably been never introduced in the country. Some of the remarkable features of the NSIT are given as under:
- 20 Prime Plots
- 12 Crore per Kanal
- 7 Years Payment Plan
- Construction starts after 20% of the payment
- Buy and build
- Prime location adjacent to Phase 7
- Plots available for sale
- Fully government of punjab backed the project
- Special technology zone
- Exemptions on custom duties, taxes, and import duties
- Tax exemptions on divided income & long-term capital gains
NSIT Development Status: Just Buy and Build!
NSIT Development has been progressing since the launch. As per the latest updates, the initial phase of the project has to be completed within 12 months. The entire project of Nawaz Sharif IT City Lahore is planned to be completed in 3 years.
One of the most prominent features of the project is that its development can be started as soon as you book the required plot category in any of the respective cities. It offers a policy of easy construction and development right after the booking, which is also just 20%. So it’s based on simply a ‘Buy and Build’ strategy, making it easily investable.
NSIT: A Critical Review
It may not be as easy as it sounds! Nawaz Sharif IT City is undoubtedly a milestone to be achieved. Along with the numerous opportunities it offers, it also comes with certain challenges. As for history, several remarkable initiatives have been offered by governments, but it’s very rare to find any of such promises in the ‘practical’ form. The reasons are political and public distrust, lack of proper regulations, non-transparency in financial transactions, land litigation issues, and much more.
Now, as per the extensive master plan and the time duration set to complete this project, it does not seem to be developed soon. The underlying factors may be the aforementioned reasons, but these challenges must be addressed promptly to avoid any undesirable consequences shortly. Otherwise, perhaps like many other initiatives taken by previous governments, it may also remain unfulfilled.
Conclusion
Nawaz Sharif IT City Lahore has immense potential to change the fate of the country. It offers remarkable opportunities for businesses and investment. All the projects offered within it mainly the IT & Tech District, and Education City, can surely set unmatchable standards of excellence and innovation in the rapidly revolutionizing world. But that is possible only if the plan is executed just as planned and in the most efficient manner within the set time duration.
Nawaz Sharif IT City Lahore
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