KARACH: The Federal and Sindh governments have approved Memorandum of Understanding (MoU) draft for the redevelopment and enhancement of the Jahangir, Martin, Claytor, and Pakistan Quarters Project in Karachi.
The MoU, to be signed between the Federal Housing & Works Ministry and Sindh government outlines plans for the remodeling and development of these quarters, comprising 335 acres of prime urban land.
Initially allotted to federal government employees when Karachi was the capital, these quarters have fallen into disrepair and inefficiency.
The project aims to create a comprehensive master plan and identify potential sites for constructing vertical housing structures in the first phase. Residents will be relocated to new buildings, with ownership transferred, and the remaining land utilized for commercial zones and infrastructure development.
The MoU sets the basis for land-sharing arrangements and estimates that 40% of the land will be dedicated to housing, while the rest will be allocated for commercial zones and amenities.
The project aims to generate private investment, create equitable rights for potential investors, and enhance the overall environment with green spaces and high-class amenities.
The federal government will transfer title to relocated persons and investors, facilitating the development of the retrieved area as per the master plan.
