The future of Pakistan’s largest IT park in Islamabad is questionable as a result of the Capital Development Authority’s (CDA) decision to cease construction.
The process has stalled since the Expression of Interest (EOI) for validation has not been released, even though the CDA board previously decided to carry out third-party validation of financial bids. The lease process for the grey building and the area set aside for the IT park has essentially been put on hold as a result of this delay, according to the sources.
According to sources who spoke to ProPakistani, the CDA board’s decision was made several months ago, and the EOI has still not been issued. Plans to lease out the grey building that was originally intended to house the IT park have been abandoned as a result of the inaction. Given that the planned IT park was supposed to serve as a centre for innovation, the project’s extended delay raises questions regarding Islamabad’s technological and economic advancement.
Other applications for the grey structure were suggested by CDA officials at a subsequent board meeting. In place of the IT park, some board members proposed the establishment of a nursing university, while others suggested an educational institution. In the end, the board made the decision to completely abandon the IT park proposal and look into other options for the location.
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In March of last year, the CDA started the leasing process with the goal of converting the 97,000-square-foot grey building in G-10 Markaz into a cutting-edge IT park. The initiative, which was approved by the CDA board, was intended to serve as a technology hub for software companies, startups, and independent contractors. Under a public-private partnership approach, the 3.3-acre land was to be leased to a tenant who would be in charge of developing it in accordance with international standards.
In addition to housing 5,000–6,000 independent contractors, the IT park was supposed to provide a library, conference spaces, meeting rooms, and research centres. The project had a minimum monthly rental of Rs. 16.58 million and a lease with a 15-year term with an optional 5-year extension. The future of this valuable property and its planned contribution to Pakistan’s IT industry, however, is still uncertain given the CDA’s recent decision to scrap the IT park project.
The IT park was expected to provide modern office spaces, testing laboratories, and other facilities. Without this infrastructure, tech companies may struggle to find suitable locations for their operations.
Delays and uncertainties can lead to increased costs for tech companies, as they may need to find alternative, potentially more expensive, office spaces.
The IT park was intended to support startups and small to medium enterprises (SMEs). Without it, the growth and development of these companies could be hindered.
The project was expected to generate around 10,000 jobs. Stopping the construction could mean fewer job opportunities in the tech sector.
The decision to halt the construction of the IT park could slow down the progress of Islamabad’s tech industry and impact its potential for growth and innovation.