ISLAMABAD: On Saturday, February 25, 2023, Minister for Finance Ishaq Dar vested his cue to four housing projects for overseas Pakistanis.
The projects include Kuri Overseas Enclave, Nilore Heights (3,876 apartments), Ghandhra Enclave, and Nilore Residencia, with estimates, convey approximately $2 billion from overseas Pakistanis.
On February 25, 2023, the Capital Development Authority (CDA) presented this idea of government before the minister for Finance for permission for the execution of these projects.
Firstly, the Nilore apartments were under the former PM’s Housing Scheme at subsidized prices for the neediest segments. But now the government is trying to sell them to overseas Pakistanis because the apartments are in the completion phase.
In the meeting, the shared estimates showed that the Kuri Overseas Enclave might convey $770 million, Nilore Heights $137.4 million, Ghandhra Enclave about $1.3 billion, and the Nilore Residencia-related project might fetch $62.3 million.
The official press release on Saturday, February 25, 2023, administered by the Ministry of Finance, remarked that Finance and Revenue Minister Senator Muhammad Ishaq Dar chaired a meeting on the Capital Development Authority (CDA) development projects at the Finance Division.
SAPM on Revenue Tariq Pasha, SAPM on Finance Tariq Bajwa, Member (Planning & Design) CDA, Secretary Finance, Member (Estate) CDA, DG (Land) CDA, and senior officers from Finance Division accompanied the meeting.
The meeting examined the progress on the development projects carried out by CDA, especially related to housing projects for overseas Pakistanis.
The meeting announced that the CDA had instigated several short-term and medium-term housing projects for overseas Pakistanis. One of these projects is in the completion phase, and registration will open soon.
Highlighting the significance of overseas Pakistanis in the financial and economic development of the country, Ishaq Dar directed the CDA authorities to ensure the fast track and earlier execution of housing projects for overseas Pakistanis by sustaining international standards and transparency through an online system.
The finance minister additionally mandated the authorities to develop maximum facilities in these projects to attract the investment of overseas Pakistanis in the country.