ISLAMABAD: The Finance Minister Ishaq Dar issued a directive to the Capital Development Authority (CDA) for the early implementation of four housing projects for overseas Pakistanis. Reported by The News
The finance minister gave the CDA the order to speed up the projects and said that international standards and online transparency should be maintained.
Nilore Residencia, Nilore Heights (with 3,876 apartments), Ghandhra Enclave, and Kuri Overseas Enclave are the projects. It is anticipated that these developments will bring in approximately $2 billion from Pakistanis living in other countries.
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This idea came from the government, and on Saturday, the CDA made a presentation to the finance czar for the go-ahead to carry out these projects.
The Nilore apartments were primarily constructed at subsidised prices as part of the former PM’s Housing Scheme for the poorest segments. However, as the apartments are rapidly approaching completion, the government has now changed its mind and is attempting to sell them to Pakistanis living abroad.
According to the estimates presented at the meeting, the project associated with Nilore Residencia might fetch $62.3 million, Nilore Heights might fetch $137.4 million, Ghandhra Enclave might fetch $1.3 billion, and Kuri Overseas Enclave might fetch $770 million.
According to an official press release issued by the Ministry of Finance, Dar presided over a meeting on CDA development projects held at the Finance Division on Saturday.
The meeting was attended by senior Finance Division officers, including Special Assistant to the Prime Minister on Finance Tariq Bajwa, SAPM on Revenue Tariq Pasha, secretary finance, Member (Planning & Design) CDA, Member (Estate) CDA, and DG (Land) CDA.
The meeting reviewed the progress of CDA’s development projects, particularly those involving housing for Pakistanis abroad.
The meeting was informed that the CDA had started several projects for short- and medium-term housing for Pakistanis living abroad. It was informed that registration would soon begin for one of these housing projects, which was currently in the completion phase.
Dar ordered the authorities to make as many concessions as possible in these projects in order to entice overseas Pakistanis to invest in the country, emphasizing the significance of Pakistanis living in other countries to the country’s economic and financial development.
