Islamabad: A study of the United Nations Development Programme (UNDP) has suggested the rezoning of the capital city, a news source reported. The case study indicates that the rezoning will increase the value and tax base of the Metropolitan Corporation Islamabad (MCI).
The study states that the value of the land in the city has increased rapidly, but there is a shortage of real estate creating spaces for commercial and recreational avenues at the same time. The study adds that this increasing shortage demands a revisiting of the zoning regulations at an urgent basis.
The UNDP study reveals that Islamabad, which was supposed to be a low-density urban capital for only officials and diplomats, has experience an unexpected influx of migrants. This situation demands that authorities concerned revisit the zoning laws as the existing ones are holding back development, which lowers the ability to generate tax, the study added.
According to the study, the current zoning laws of the city are inflexible and don’t meet the changing needs of the capital. They restrict growth of commercial activity and development of affordable housing projects, and consequently, hold back the potential revenue streams for the local government.
Samra Zulfiqar, a real estate analyst at Zameen.com, is passionate about finding projects that offer buyers the best returns. Her keen insights spotlight the market’s most promising opportunities.
