Scheme to have world’s second biggest Eiffel Tower
A developer is launching a ‘complete’ replica of Europe’s popular city of Paris outside Gujranwala—but five times smaller.
Le Paris Housing Scheme is being planned by a sister company of Master
Tiles and Ceramics.
The scheme is spread over 4,800 acres or 19.4 square kilometres. The original Paris, in contrast, is spread over 105 square kilometres.
Le Paris will have its own 200m Eiffel Tower, which will make it the biggest
replica in the world. The original Eiffel Tower is 324 metres tall. If built,
Le Paris’s Eiffel Tower will outdo Bahria Town Lahore’s replica, which stands at 80 metres. The housing scheme will also have replica Arc de Triomphe and a road it is calling Shanzelize street (after Avenue des Champs–Élysées).
France’s AREP Group and Renzo Piano Building Workshop will be undertaking the town planning, design and architecture.
“Pakistanis will not have to go to Europe,” said Bilal Sandhu, the marketing
manager. “The city will give affordable houses but will be replete with
facilities just like the real Paris.”
The company is asking people to register with the company for Rs110,000 for plots measuring five, seven and 10 marlas, one and two canals and shops and apartments. “The people who register will be given priority and will also benefit Rs30,000 in the price to be paid for the property. This means they will eventually be paying Rs140,000, after adjusting Rs110,000 of the registration fee,” he said.
The developer will provide 40,000 low-cost houses for the less privileged.
Around 17% or 800 acres will have low-cost houses. The company did not share details of the prices of different categories and the location of the site.
The balloting will take place on March 31 and Sandhu claims the company will hand over possession within three years with development work completed.
Builders and developers have become active since the Prime Minister’s
Construction Package announced certain incentives to stimulate the construction sector and dozens of allied industries such as steel and cement in a bid to improve the economy, which contracted for the first time in 68 years.
Moreover, there is a massive need for housing in Pakistan – around 11 million. Demand is increasing by 700,000 houses every year.
The law was recently amended for the construction sector to extend the
amnesty scheme for another six months. The FBR will not be inquiring about sources of income from builders and investors till June 30. A one-year
extension has also been given for the completion of construction projects.
Projects under the scheme can now be completed by September 30, 2023 instead of the original deadline of September 30, 2022. Under the amended ordinance, those who purchase housing units or plots also get a six-month exemption in revealing their source of income.
Builders and developers can save around six times on taxes if they register
under the prime minister’s construction package as it has a fixed regime. “This saving on tax will add up to whatever profit you make,” explained the FBR’s Abdul Hafeez while addressing a seminar on the ‘PM’s Package on Naya Pakistan Housing Scheme’ at the Association of Builders and Developers House on October 7.
People can also whiten their legally earned money under the package as they will not be asked for a money trail. But money earned illegally or received through bribes cannot be laundered through this process.
People earn and save money through legal means but may not pay tax on it.
This temporary scheme is so that their wealth can come into circulation, he
explained. The scheme is not for government employees.
Builders and developers can register with the FBR by June 30, 2021 after the
extension for both existing and new projects. FBR officials have been trying to reach out to builders and developers across the country to explain the
Analysts have been attributing high cement sales to the construction package. Over 60 allied industries get a boost when construction does well. Low-cost housing projects developed by the Naya Pakistan Housing and Development Authority will be charged almost 90% lower taxes.