The dollars 250 million Bagh Ibn-e-Qasim Project in Clifton seems to be heading towards failure owing to scores of reasons particularly vested interests and lack of apathy on part of authorities to facilitate the investors.
Well-informed sources disclosed to PPI on Monday the project, planned to provide recreational facilities to Karachiites, had hit snags due to hurdles created by various departments of city government and lack of proper planning to pursue such mega project.
The project was launched about one and half year back by city government Karachi and it invited potential investors to carry out the project on built, operate and transfer (BOT) basis.
Initially, three companies expressed their interest in the project, however, two companies did not respond and only one UK-based Company Deighton International could submit the bid documents in time, and the same was to deposit bid bond worth Rs 3 million with city government in May this year. However, this foreign firm had not.
The firm is reluctant to deposit the bid bond arguing it illogical that authorities are insisted on bid bond whereas they would have to spend millions of dollars in the project and millions of rupees would be spent in the first movement to install machinery and to meet other pre-requisites for the project.
Sources told one department of city government was also involved in halting of project as they had been kept out of the project, sources revealed.
It has also been learnt that representatives of firm had expressed their reservations over precarious law and order situation in the city which is not conducive for investment when they were approached by high authorities of city government some time back.
"City government will also be on receiving end if the project did not make any headway as according to rough estimates over Rs 400 million revenue would be generated every year, sources added.
It is worth mentioning that out of over 120 acres land specified for the purpose only 70 acres is available for the purpose and rest 50 acres is in litigation or have been encroached.
EDO Enterprise & Investment Promotion (E&IP) Department dealing with the project Raeesuddin Paracha, when contacted, conceded there were some problems confronting smooth completion of project.