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Ishaq Dar approves 4 housing schemes for Overseas Pakistanis

Ishaq Dar approves 4 housing schemes for Overseas Pakistanis

News: The federal minister of Finance, Ishaq Dar, has given the green signal for the establishment of 4 housing projects for Overseas Pakistanis. He approved these projects on Saturday, February 25, 2023.

As per the latest updates, the federal minister of Finance has given the go-ahead for the development of different housing projects in Islamabad for the Overseas Community.

The following projects were approved by Ishaq Dar:

The projects mentioned above are introduced to bring affordable yet luxurious residences for Overseas Pakistanis. Moreover, these projects will collect estimated revenue of approximately 2 Billion Dollars from overseas communities. The officials of the Capital Development Authority (CDA) presented the proposal for these projects in front of the federal government. After careful consideration, the finance minister advised CDA to proceed with the execution of these projects.

Nilore Residencia and heights were primarily introduced for low and middle-income people of the twin cities under PM’s Affordable Housing Scheme. But now, the authorities have specified these projects for overseas Pakistanis to generate foreign reserves. Both of these projects will be sold to Overseas Pakistanis.

In the meeting of CDA officials with the government, the following stats were displayed:

  • Nilore Residencia will collect around $62.3 million
  • Nilore Heights will gather approximately $137.4 million
  • Whereas, Ghandhara Enclave has the potential to fetch around $1.3 Billion
  • Kuri Overseas Enclave will collect a revenue of approx. $770 million

The press release announcing the meeting between CDA and government officials was released by the Ministry of Finance. Furthermore, Finance Minister Ishaq Dar, SAPM finance Tariq Bajwa, SAPM revenue Tariq Pasha, Secretary Finance, members planning and Design, members Estate (CDA), and other officials of the finance division were present at this meeting.

These projects will provide feasible residences to overseas Pakistanis, equipped with all basic and modern amenities to increase foreign investments in the country.

Stay tuned to Manahil Estate for more news and updates on the real estate sector!

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