ISLAMABAD: Finance Minister Ishaq Dar has approved four housing projects for overseas Pakistanis, directing the Capital Development Authority (CDA) to speed up the implementation of these projects.
The Finance Minister ordered the CDA to ensure speedy execution of the projects, adding that international standards and transparency should be maintained through the online system.
These projects include Nellore Residency, Nellore Heights (3,876 apartments), Gandhara Enclave and Kuri Overseas Enclave, which is estimated to generate around $2 billion from overseas Pakistanis.
The government floated the idea and on Saturday CDA made a presentation to the Finance Czar to go ahead with the implementation of these projects.
Nellore apartments were mainly built under the former Prime Minister’s Housing Scheme at subsidized rates for the poorest sections. However, the government has now changed its mind and is trying to sell them to overseas Pakistanis as the apartments are nearing completion.
Estimates shared at the meeting revealed that projects related to Nellore Residency could fetch $62.3 million, Nellore Heights $137.4 million, Gundra Enclave $1.3 billion, and Kori Overseas Enclave $770 million.
An official press release from the Ministry of Finance said that Dar chaired a meeting on CDA’s development projects in the Finance Division on Saturday.
Special Assistant to Prime Minister for Finance Tariq Bajwa, SAPM for Revenue Tariq Pasha, Secretary Finance, Member (Planning and Design) CDA, Member (Estate) CDA, DG (Land) CDA and Senior officers of Finance Division attended.
The meeting reviewed the progress on development projects undertaken by CDA, especially housing projects for overseas Pakistanis.
The meeting was informed that CDA has initiated several short-term and medium-term housing projects for overseas Pakistanis. It was informed that one of these housing projects is in the process of completion and its registration will be started soon.
Emphasizing the importance of overseas Pakistanis in the country’s economic and financial development, Dar directed the authorities to provide maximum facilities in these projects to attract overseas Pakistanis to invest in the country.
