Dar okays four housing projects for overseas Pakistanis

ISLAMABAD: Minister for Finance Ishaq Dar on Saturday granted his nod to four housing projects for overseas Pakistanis.

The projects include Nilore Residencia, Nilore Heights (3,876 apartments), Ghandhra Enclave and Kuri Overseas Enclave with estimates it would fetch approximately $2 billion from Pakistanis living abroad.

The government conceived this idea and the Capital Development Authority (CDA) on Saturday made a presentation before the minister for finance for go-ahead for the execution of these projects.

The Nilore apartments were basically constructed under the former PM’s Housing Scheme for the poorest segments at subsidised prices. But now the government has changed its mind and is trying to sell them to overseas Pakistanis as the apartments are almost nearing completion.

The estimates shared in the meeting revealed that the Nilore Residencia-related project might fetch $62.3 million, Nilore Heights $137.4 million, Ghandhra Enclave $1.3 billion, and Kuri Overseas Enclave $770 million.

The official press release issued by the Ministry of Finance here on Saturday stated that Federal Minister for Finance and Revenue Senator Muhammad Ishaq Dar chaired a meeting on development projects of the Capital Development Authority (CDA) at the Finance Division.

SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Pasha, Secretary Finance, Member (Planning & Design) CDA, Member (Estate) CDA, DG (Land) CDA and senior officers from Finance Division attended the meeting.

The meeting reviewed the progress on the development projects carried out by CDA, especially related to housing projects for the overseas Pakistanis.

The meeting was apprised that the CDA had initiated a number of short-term and medium-term housing projects for overseas Pakistanis. It was informed that one of these housing projects was in the completion phase and registration was being initiated soon.

Ishaq Dar, emphasising the importance of overseas Pakistanis in the economic and financial development of the country, directed the CDA authorities to ensure fast track and early execution of housing projects for overseas Pakistanis by maintaining international standards and transparency through online system.

The finance minister further directed the authorities to extend maximum facilities in these projects to attract overseas Pakistanis investment in the country.