The twin cities (Islamabad and Rawalpindi) are in limelight due to heightened real estate activity. The real sector came to a boom after Islamabad International Airport moved to Fateh Jang, and the area became new heaven for real estate developers.
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Project Details
Rawalpindi Ring Road (RRR) came to conception in 2017. On the pretext of its planned route, many new housing projects mushroomed and were selling properties. However, the project came to immense controversy.
In 2018, the Asian Infrastructure Investment Bank (AIIB) added the project to its financed projects list. However, AIIB later on, delisted this project from its financing list. It stirred controversy in the political arenas of the capital. It was damaging news for the real estate industry of Islamabad where many new housing projects like Rudn Enclave and Blue World City were marketing Ring Road as their selling highlight.
Rawalpindi Ring Road Controversy
Followed by controversies, official investigations revealed that the nexus of as many as 18 political and around 34 real estate figures are among the beneficiary of this swindle. Around 64000 Kanal of land was acquired in the planned route of the Rawalpindi Ring Road.
The report revealed that housing societies sold more than 0.32 million files/plots and grabbed around rupees 131 billion from people.
Importance of Ring Road
Rawalpindi Ring Road project envisaged advancing the economic activity by improving transport efficiency. It aims to reduce the travel time and provide quality road links to general and business commutes.
Rawalpindi has always remained a major transit route for freight and other logistics. The Grand Turk road and the N-5 (Torkham-Karachi) are the two major rods that connect the city with the country. However, as the city population exploded, the commuters have to face many bottlenecks while passing the city. Rawalpindi Ring Road aims to remove these bottlenecks by connecting the two important roads.
Rawalpindi Ring Road Project Update 2021
After the investigation, Prime Minister Imran Khan ordered the realignment of the project. Resolving some of the major issues affecting the development of the project, Prime Minister has announced the inauguration date for the project.
Prime Minister Imran Khan would inaugurate Ring Road Project on December 25, 2021
Rawalpindi Ring Road Project and Real Estate Housing Societies
The announcement of the Rawalpindi Ring Road Project is going to benefit housing projects near its route or interchanges. Some of the prominent housing projects near Rawalpindi Ring Road are Rudn Enclave, Bahria Town Phase 8, PIA Officers Housing Scheme, Al-Haram City, Capital Smart City, Mivida, and Blue World City.
Rawalpindi Ring Road Latest News and Updates
The new alignment of the Rawalpindi Ring Road is showing the change of route. To implement this Punjab Planning and Development Board (PPDB) has approved the process of land acquisition on the new route. While payments were made to landowners, who sold the land for the old route would refund it.
The Punjab government would issue the funds for land acquisition and construction of the project. So far, no fund in the budget has been allocated.
Future of Rawalpindi Ring Road Project
According to the latest news, Prime Minister Imran Khan is planning to inaugurate Ring Road on December 25 along with Nullah Lai Expressway. Given this news in circulation, the future of the Rawalpindi Ring Road Project is in limelight again. It is good news for those who have invested in the housing projects that are near Ring Road.
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