Finance Minister Ishaq Dar on Wednesday directed the Capital Development Authority (CDA) to auction commercial plots to those investors who pay the amount in US dollars so that foreign exchange reserves could be further bolstered.
The finance minister chaired a meeting on CDA’s projects for overseas Pakistanis at Finance Division on Wednesday. The meeting reviewed the progress on the development projects carried out by CDA, especially for overseas Pakistanis.
The meeting was apprised that the CDA has initiated several short and medium-term housing projects for overseas Pakistanis. It was informed that one of these housing projects, namely Nilore Heights-I, is in the completion phase, and over 6000 applications had been received from 81 countries for 2000 flats.
Dar emphasized the importance of overseas Pakistanis in the economic and financial development of the country and directed the CDA to fast-track the development projects for overseas Pakistanis.
He further directed the CDA to hold balloting of the Nilore Heights-I project, exclusively developed for overseas Pakistanis, before May 8 instead of May 16.
The meeting was briefed on providing commercial and residential plots for overseas Pakistanis on an open auction basis. It was informed that in the next phase, registration for plots in C-14 and C-16 sectors for overseas Pakistanis will commence, and special facilitation desks have been established at the CDA to facilitate the overseas Pakistanis.
The finance minister directed that for the auction of commercial plots, incentives should be extended to those investors who pay the amount in US dollars so that foreign exchange reserves could be further bolstered.
The finance minister further directed the CDA to maintain a public-friendly and transparent system for investors during the sale and purchase process by minimising physical contact between CDA and overseas investors using the digital platform developed for this purpose.
He further directed to expedite work on Kuri and Overseas Enclave projects, and the scheme for auction of plots in C-14 and C-16 sectors should be ready by mid of May for overseas Pakistanis.
Special Assistant to Prime Minister (SAPM) on Finance Tariq Bajwa, SAPM on Revenue Tariq Pasha, Secretary Finance, the CDA chairman and other senior officials from Finance Division and the CDA attended the meeting.
Published in The Express Tribune, April 27th, 2023.
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