Dar gives nod to four residential projects for overseas Pakistanis

• Dar seeks early execution of projects. 
• Says international standards should be maintained. 
• Four projects to fetch at least $2bn from overseas Pakistanis.

ISLAMABAD: Finance Minister Ishaq Dar has greenlighted four housing projects for overseas Pakistanis, directing the Capital Development Authority (CDA) for early execution of the projects, The News reported Sunday. 

The finance minister ordered the CDA to ensure a fast track of the projects, adding that said international standards and transparency through the online system should be maintained. 

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 CDA on Saturday made a presentation before the finance czar for the 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. However, the government now 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.

Dar chaired a meeting on development projects of the CDA at the Finance Division on Saturday, said an official press release by the Ministry of Finance. 

Special Assistant to the Prime Minister 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 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.

Dar, emphasising the importance of overseas Pakistanis in the economic and financial development of the country, directed the authorities to extend maximum facilities in these projects to attract overseas Pakistanis’ investment in the country.